City of Columbus - File #: 1613-2010

• File #: 1613-2010
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/1/2010
• In control: Housing Committee
• On agenda: 12/6/2010
• Final action: 12/9/2010
• Title: To authorize the Director of the Department of Development to enter into an agreement with Affordable Housing Trust for Columbus and Franklin County to refinance the construction loan for the completion of the Whitney Young Condominium Development; to authorize the appropriation of $2,700,000.00 from the Special Income Tax Fund; to authorize and direct the City Auditor to transfer $2,700,000.00 from the Special Income Tax Fund to the Whitney Young Housing Capital Fund; to authorize the appropriation of $2,700,000.00 within the Whitney Young Housing Capital Fund; to amend the 2010 Capital Improvement Budget; to authorize the expenditure of $2,700,000.00 from the Whitney Young Housing Capital Fund and $700,000.00 from the Housing Preservation Fund; and to declare an emergency. ($3,400,000.00)

Date	Ver.	Action By	Action	Result
12/9/2010	1	CITY CLERK	Attest
12/7/2010	1	MAYOR	Signed
12/6/2010	1	Columbus City Council	Approved	Pass
12/6/2010	1	COUNCIL PRESIDENT	Signed
11/5/2010	1	CITY ATTORNEY	Reviewed and Approved
11/5/2010	1	Dev Drafter	Sent to Clerk's Office for Council
11/3/2010	1	Auditor Reviewer	Reviewed and Approved
11/3/2010	1	CITY AUDITOR	Reviewed and Approved
11/3/2010	1	Dev Drafter	Sent for Approval
11/2/2010	1	Finance Reviewer	Reviewed and Approved
11/2/2010	1	Finance Reviewer	Reviewed and Approved
11/2/2010	1	Finance Reviewer	Reviewed and Approved
11/2/2010	1	FINANCE DIRECTOR	Reviewed and Approved
11/2/2010	1	Dev Drafter	Sent for Approval
11/1/2010	1	Dev Drafter	Sent for Approval
11/1/2010	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
11/1/2010	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an agreement with the Affordable Housing Trust for Columbus and Franklin County (AHT) in partnership with the Whitney Young Collaborative (WYC). This legislation authorizes the expenditure of $700,000.00 of existing capital funds to the AHT and the amendment of the capital budget to allow for the transfer, appropriation and expenditure of $2,700,000 of funds from the Special Income Tax Fund. The funds provided by the agreement will be used to refinance and complete construction on the Whitney condominium project and provide capital funding for other housing projects on the Near East Side. The WYC has a 28 unit condominium project under development at 733 Mt. Vernon Avenue, Columbus. Changes in the housing market as well as changes to financing rules for purchase of condominiums as homeownership units has negatively affected the economics of this project. The most efficient and effective way of guarding against further market impacts is to refinance the private construction loan with City capital funds. A portion of these funds will be returned to the City upon sale of the units to homebuyers and can be used for other housing activities on the Near East Side.

The Housing Preservation Fund represents the City's commitment to the redevelopment of housing in the City's urban areas. The Whitney Young Housing Capital Fund (Fund 717) represents the City's commitment to the revitalization of urban neighborhoods.

Emergency action is necessary to allow for the best economic outcome for this project.

FISCAL IMPACT: The Development Department has $700,000.00 in the 2010 Capital Improvement Budget for Housing Preservation projects. For the remaining $2,700,000.00, bonds have yet to be sold necessitating a certification of $2,700,000.00 against the Special Income Tax Fund. Upon the sale of the bonds, the Special Income Tax Fund will be reimburs...