Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $300,000.00 of the 2020 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development and to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Bretton Woods Senior Housing Limited Partnership for the Bretton Woods project. National Church Residences will act as the developer, owner, management agent, and service provider of Bretton Woods.
Bretton Woods is a 75-unit, mixed-income senior housing community with wraparound supportive services. This project will provide a mix of one and two-bedroom units with a blend of income restricted Low-Income Housing Credit (LIHTC) units and unrestricted, market-rate units. National Church Residences will be seeking 9% LIHTCs from the Ohio Housing Finance Agency. There will be at least two HOME funding assisted units included in this project.
This senior housing community will offer a blend of affordable and market-rate units: 63 units will be affordable to households earning 60 percent of the Area Median Income (AMI), while 12 units will be unrestricted. By providing several unrestricted units, National Church Residences will better serve households marginally above the income-qualifying threshold for a Low-Income Housing Credit that would otherwise be turned away. Additionally, this strategy would provide opportunity for households with incomes that initially qualify, but increase above the LIHTC threshold over time and would therefore no longer meet program regulations to remain living in the community.
The proposed site for this senior housing community is 4836 Cleveland Avenue in Columbus, located at the intersection of Cleveland Avenue and Bretton Woods Drive. The site is located in close proximity to neighborhood services, shopping, public transportation, and healthcare services. A Central Ohio Transit Authori...
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