Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $2,000,000.00 from the Housing Preservation Fund 782 to assist in the costs of redevelopment for the area known as Poindexter Village. The funds will assist with the development of mixed income rental housing and act as local match for the Choice Neighborhoods grant made to the Columbus Metropolitan Housing Authority.
The Columbus Metropolitan Housing Authority (CMHA) is undertaking a $250 million, multi-phase redevelopment of the Poindexter Village area. The area runs to Mt. Vernon Avenue to the north, Ohio Avenue to the west, Long Street to the south and Hughes Street to the east.
In June 2014, the U.S. Department of Housing and Urban Development (HUD) awarded CMHA a $30 million Choice Neighborhood Implementation (CNI) grant to begin the redevelopment of the Poindexter Village area. In support of CMHA’s redevelopment efforts, the Department of Development anticipates submitting future funding requests to City Council totaling $6 million in Housing Preservation funding.
FISCAL IMPACT: Cash is available in the Housing Preservation Fund 782 of the 2015 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Columbus Metropolitan Housing Authority (CMHA), or a subsidiary of, to make financial assistance available for the redevelopment of the area known as Poindexter Village; and to authorize the expenditure of $2,000,000.00 from the 2015 Housing Preservation Fund. ($2,000,000.00)
Body
WHEREAS, the Columbus Metropolitan Housing Authority (CMHA) was awarded a $30 million Choice Neighborhood Implementation grant from the U.S. Department of Housing and Urban Development (HUD) to begin the $250 million redevelopment of the Poindexter Village Area; and
WHEREAS, the current phase requires the Director of the Department of Development to enter into a grant agreement with CMHA to allow the expenditure of up ...
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