Explanation
BACKGROUND: This legislation will authorize the Director of the Department of Development to enter into an option agreement or sales contract, and execute all agreements and deeds for the conveyance of an approximately one acre property located at 897 E. Mound Street, currently held in the Land Bank. The property will be conveyed to Community Housing Network (CHN) or a subsidiary established for the project. CHN proposes a 56-unit multifamily permanent supportive housing project for formerly homeless individuals. The project will require the allocation of Low Income Housing Tax Credits (LIHTC), passage of this legislation will allow CHN to submit for the 2024 9% LIHTC application deadline in February. Site is also subject to pending Council Variance (CV23-117) and Rezoning (Z23-070) actions. CHN will purchase the property for a reduced price, $350,000, in exchange for a redevelopment restriction to develop affordable housing.
FISCAL IMPACT: No funding is required for this legislation. The City may first recover reimbursement of any and all expenses incurred on account of the acquisition, administration, management, maintenance and disposition of such land and such other expenses of the program as the City may apportion to such land from the sale proceeds.
EMERGENCY JUSTIFICATION: Emergency action is requested to enable the City to immediately enter into the necessary agreements allowing the buyer to meet the application deadlines established by the Ohio Housing Finance Agency, which is required to complete the development of the tax credit project.
Title
To authorize the Director of the Department of Development to enter into an option agreement or agreements as needed to sell and transfer by quitclaim 897 E. Mound Street, to Community Housing Network, Inc. or a subsidiary, and to declare an emergency.
Body
WHEREAS, The Department of Development desires to sell and transfer 897 E. Mound St and allow the Developer to make application...
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