Explanation
BACKGROUND
This Ordinance is to authorize the Director of the Department of Development to enter into a grant agreement in an amount up to $555,000.00 with Healthy Rental Homes VIII LLC. This ordinance also authorizes the appropriation and expenditure of up to $560,000.00 of HOME Investment Partnerships Program (HOME) entitlement grants ($513,352.90 from the 2022 grant and $46,647.10 from the 2023 grant) from the U.S. Department of Housing and Urban Development and authorizes the Director of the Department of Development to execute a commitment letter and loan agreement and authorizes the city to act as a lender and have a promissory note, mortgage, and restrictive convent executed for this project with Healthy Rental Homes VIII LLC. This legislation also seeks to authorize eligible costs, including soft costs, which may have been incurred prior to the establishment of the project's purchase order, making those pre-award costs eligible for reimbursement if needed.
Healthy Homes is an affordable housing developer that is wholly owned by Community Development for All People, a Community Housing Development Organization (CHDO) which is eligible for CHDO HOME set aside funds. Healthy Homes is focused on increasing the stock of high-quality housing options available to families earning no more than 80% of Area Median Income (AMI) on Columbus’ South Side. Healthy Rental Homes VIII LLC seeks to further address the housing affordability issues that Columbus faces by developing 11 units of new construction rental housing in zip codes 43206 and 43207. These properties will consist of infill development, designed to replace structures that have been demolished. Additionally, the parcels that have been identified for redevelopment are being acquired exclusively from the City of Columbus and Franklin County Land Banks.
The 11 rental units for which we are seeking funding will consist of 3 single family homes and 4 duplexes. All but two of these properties ...
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