Explanation
BACKGROUND: This legislation authorizes the unplanned modification of a contract with the Gertrude Wood Community Foundation, the appropriation and expenditure of funds in an amount up to $10,401.00 of the 2023 HOME Investment Partnerships Program (HOME) entitlement grant funds from the U.S. Department of Housing and Urban Development (HUD) and authorizes the Director of the Department of Development enter into a commitment letter, loan agreement, promissory note, mortgage, restrictive covenant, and authorizes the city to act as a lender for this project with the Gertrude Wood Community Foundation. The project is to develop and construct a single housing unit at 877 Miller Avenue that was recently purchased from the City of Columbus Land Bank.
Original Agreement $ 260,132.00 Ord. 0361-2024 PO439577
Modification No. 1 $ 10,401.00
Total $ 270,533.00
Ordinance 0361-2024, approved by City Council on March 6, 2024, authorized the Director of Development to support the development of the single housing unit at 877 Miller Avenue in an amount of up to $260,132.00. This legislation represents an additional amount up to $10,401.00 for a total amount up to $270,533.00. The need for the additional HOME funding is due to the post construction appraisal was valued higher than anticipated thus creating a larger affordability gap and the additional need of funding to close that gap.
The funding of this project will address the need for affordable housing in the City of Columbus for low-income families that are at or below 80% of the Area Median Income limits set by HUD. This project will add decent, safe and sanitary housing to the Driving Park Neighborhood, located on the Southside of Columbus. The increased availability of safe and stable housing in Columbus promotes the health and well-being of th...
Click here for full text