Explanation
BACKGROUND: This legislation authorizes the unplanned modification of a HOME Investment Partnerships loan package with Homes on the Hill CDC, in an amount up to $5,650.00 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 an amended and restated commitment letter, loan agreement, promissory note, mortgage, restrictive covenant, associated with the development at 120 N. Eureka Ave.
Original Agreement $ 270,201.00 Ord. 1564-2024
Modification No. 1 $ 21,126.00 Ord. 0744-2025 PO521781
Modification No. 2 $ 5,650.00
Total $ 296,977.00
Ordinance 1564-2024, approved by City Council on July 5, 2024, authorized the Director of Development to support the development of the single housing unit at 120 N. Eureka Avenue in an amount of up to $270,201.00. Prior to the execution of the loan package, it was determined that additional funding would be needed within this project due to the post construction appraisal was valued higher than anticipated and created a larger affordability gap in and resulted in Ordinance 0744-2025 to be necessary and was approved by City Council on April 11, 2025. This legislation represents an additional request for funding in amount up to $5,650.00 for the construction of a sidewalk that was not included in the original budget submitted by the developer and contractor but has since been required by the City in order to finalize the project.
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 Hilltop Neighborhood, located in the Greater Hilltop Area of Columbus. The increased availability of safe and stable housing in Columbus promotes the health and w...
Click here for full text