Explanation
BACKGROUND:
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement in an amount up to $75,000.00 with Ohio Housing Innovation Partnership (OHIP) to provide support to the organizations efforts in establishing a Workforce Housing Partnership, and to authorize the appropriation and expenditure in an amount up to $75,000.00 within the Neighborhood Economic Development Fund as well as advance the funds on a predetermined schedule.
OHIP has developed a Workforce Housing Partnership Program that will leverage funding from various sources to produce up to 1,000 units of new workforce housing rental units. This program along with the various funding sources will be a long-term investment that will reduce housing costs for residents and create a revenue stream to support other affordable housing initiatives.
Emergency Action is necessary to ensure funding is in place to provide operating support that will allow the program to begin leveraging private and public partnerships for the establishment of workforce housing rental units.
FISCAL IMPACT: Funding in the amount up to $75,000.00 will be funded from the Neighborhood Economic Development Fund.
CONTRACT COMPLIANCE: vendor contract compliance number 055435 and expires 06/09/2028
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Ohio Housing Innovation Partnership for the purpose of providing support to the organization’s efforts to establish a Workforce Housing Partnership Program in an amount up to $75,000.00; to authorize the appropriation and expenditure of up to $75,000.00 from the Neighborhood Economic Development Fund; to advance funding per a predetermined schedule; and to declare an emergency. ($75,000.00)
Body
WHEREAS, Ohio Housing Innovation Partnership (OHIP) is a nonprofit intermediary advancing workforce and mixed income housing across Ohio.
WHEREAS, the organization’s v...
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