Explanation
BACKGROUND: The Ohio Housing Finance Agency (OHFA) operates the Pilot Urban Rehabilitation Program as a supplement to its Housing Development Assistance Program (HDAP). This program is designed to provide financing for eligible affordable housing projects to expand, preserve, and/or improve the supply of decent, safe, affordable housing. The Purpose of the Urban Rehab Program is to work with nonprofit and for profit developers to rehabilitate existing housing stock located in a defined urban area in an effort to revitalize the area. OHFA will provide gap financing from the Ohio Housing Trust Fund.
HDAP is a competitive review process based on the applicant meeting selected criteria, such as local government support, public benefit, location, and organizational capacity. A resolution of support from Columbus City Council would provide the applicant with necessary community support to ensure the project's viability to the Ohio Housing Finance Agency.
Emergency action is requested for this resolution in order to comply with the time line for the OHFA applications.
FISCAL IMPACT: No funding is required for this legislation.
Title
To support the application of Homes on the Hill (Hilltop Area) for the Pilot Urban Rehabilitation Program under the Housing Development Assistance Program; and to declare an emergency.
Body
WHEREAS, the Ohio Housing Finance Agency (OHFA) is requesting applications for the Pilot Urban Rehabilitation Program under Housing Development Assistance Program (HDAP) from developers to rehabilitate existing housing stock located in a defined urban area in an effort to revitalize the area; and
WHEREAS, the process plan requires evidence of local government support in the form of a City Council resolution; and
WHEREAS, Homes on the Hill (Hilltop Area) is proposing the rehabilitation of existing housing units in the City of Columbus; and
WHEREAS, the project will contain a total of twelve (12) units; ...
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