Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify the not-for-profit service contract entered into with the Affordable Housing Trust for Columbus and Franklin County for the purpose of extending the contract end date to December 31, 2025.
Columbus City Council, per Ordinance Number 0595-2023, authorized the Director of Development to enter into a not-for-profit service contract with the Affordable Housing Trust for Columbus and Franklin County (AHT) in an amount up to $2,500,000.00 to provide funding to support emerging developers by way of loans to cohort participants that meet the underwriting requirements. The loans are forgivable loans to developers as long as the project meets the affordability requirements. The contract, under purchase order #PO407615, started on September 27, 2023 and ends on December 31, 2024. This modification is needed to extend the contract end date to December 31, 2025 to allow for additional minority participation in the 6 month training program.
The unforeseen circumstances surrounding this modification related to the time needed for the minority developers to complete the program within the required time frame, thus, the lack of projects being created. Therefore, this modification will allow more time for the participants to meet the underwriting requirements.
The program called, the Emerging Developers Accelerator Program (EDAP), is AHT’s minority developer cultivation and training program. The goal of the EDAP is to increase the number of affordable housing units by engaging more women and people of color who are largely underrepresented as developers. The program will reduce socioeconomic inequities by increasing the financial capacity of emerging developers to bring on more affordable housing units.
Emergency Designation: Emergency action is needed to extend the term of the contract to ensure that it does not lapse before the program is completed and to prevent a disruption in...
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