Explanation
BACKGROUND: This legislation authorizes the Director of Development to execute partial release of mortgage(s) and partial release of restrictive covenant(s) between the City of Columbus, Department of Development and Framingham Homes Limited Partnership, an Ohio limited partnership, for the purposes of releasing single family units from the lien and restrictions that were beyond the scope of the City funding. The loan was made through the Rental Housing Preservation and Production Program with HOME Investment Partnerships (HOME) Funds received from the U. S. Department of Housing and Urban Development and loaned through the City of Columbus, Department of Trade and Development, now known as the Department of Development, and secured by a mortgage and restrictive covenant in accordance with HOME regulations. The loan was made to provide the development of nine rental units affordable at or below 50% of the area median income.
Emergency action is necessary to allow Framingham Homes Limited Partnership to sell its single family homes to existing tenants.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to execute a partial release of mortgage(s) and partial release of restrictive covenant(s) between the City of Columbus, Department of Development and Framingham Homes Limited Partnership for the purposes of releasing single family units from the lien and restrictions that were beyond the scope of the City funding; and to declare an emergency.
Body
WHEREAS, the Department of Trade and Development, now known as the Department of Development, made a loan to Framingham Homes Limited Partnership, an Ohio limited partnership, on September 25, 1996 for the purpose of funding a long term commitment of affordability for nine rental units; and
WHEREAS, this loan was made through the Rental Housing Production and Preservation Program with HOME Investment Partnership Program ...
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