Explanation
BACKGROUND:
This ordinance authorizes the Director of Development to enter into a capital contribution grant agreement with The Affordable Housing Trust for Columbus and Franklin County (AHT) in an amount up to $2,500,000.00 for year one of the commitment to facilitate the production of affordable rental housing and homeownership opportunities in Columbus. This commitment totals $12,500,000.00 to be spread out over the next five years. This ordinance authorizes the transfer of funding between projects. This ordinance also authorizes the advancement of funds on a predetermined basis and authorizes the expenditure prior to the issuance of the purchase order beginning July 1, 2026.
Ordinance 1953-2026, as amended by Ordinance 2063-2026, in which the City stated its intention to provide funding for AHT while searching for a new funding stream to replace AHT’s Bed Tax distribution long term. The commitment to the Affordable Housing Trust is a 5-year funding commitment totaling $12,500,000.00 pending future availability of City funding and City Council approval.
Emergency Designation: Emergency action is necessary to ensure the production of affordable rental housing and homeownership within the City of Columbus is not interrupted.
FISCAL IMPACT: Funding is available with the Development Taxable Bonds Fund, 7739.
CONTRACT COMPLIANCE: The contract compliance number is 005862 and expires October 30, 2026. The agreement is contingent upon contract compliance renewal.
Title
To authorize the Director of Development to enter into a capital contribution grant agreement with the Affordable Housing Trust for Columbus and Franklin County, to provide funding for the facilitation of the production of affordable rental housing and homeownership opportunities in Columbus; the total commitment is $12,500,000.00 pending future availability of City funding and City Council approval spread out over the next five years; to authorize the transfer between project...
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