Explanation
BACKGROUND: This legislation authorizes the expenditure in an amount up to $2,000,000.00 of funding from the U.S. Department of Housing and Urban Development (HUD), through the HOME Investment Partnerships Program (HOME) program income funds and authorizes the Director of Development to execute a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Aspire Columbus LLC for the construction of the Aspire Columbus project.
Total funding for the project is $2,000,000.00 is found within program income generated from the HOME Program. Aspire Columbus is an innovative, mixed income project that will set a new standard for inclusive excellence in downtown development. The 82-unit project will be developed by Columbus Metropolitan Housing Authority (CMHA) and designed by Moody Nolan Architects. When complete, the 82 units will serve some of the most at-risk households in our community, with 25% of the units affordable for households making less than 50% of the area median income, eleven units will be for households making less than 30% of the area median income and those units will be subsidized with HUD Section 811 Project Rental Assistance Program Funds, and 12 of the units will be market rate. Aspire Columbus consists of mixed income multi-family units that will range from studio units to 3-bedroom units. Aspire Columbus will provide the residents access to free wi-fi, an exercise room, and an outdoor space. The location of Aspire Columbus will provide the residents access to a full service grocery store and pharmacy, medical clinic, childcare, the main public library, as well as places like Columbus Commons.
Aspire Columbus puts community, opportunity, and affordability at its core and is committed to those principles for decades to come. The fundamental goal of Aspire Columbus is to provide quality, sustainable, and affordable housing in the heart of downtown that offers a pathway to greater financial stab...
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