Explanation
BACKGROUND: Community Housing Network (CHN) is a Columbus based Ohio non-profit organization that provides affordable housing opportunities for individuals with persistent mental illness and those who are homeless or in danger of becoming homeless. In 1993, CHN obtained $20,000.00 in funding from the City of Columbus for the acquisition and rehabilitation of 1204-1208 N. High Street in Columbus which has been providing affordable housing for eligible CHN residents since that time. CHN has fulfilled all the federally mandated affordability requirements associated with this loan. In addition, in 1997, CHN obtained $329,000.00 from the City of Columbus for the rehabilitation of 81 Hawkes Avenue, 1715 Weber Road, 940 Weber Road, 1234 Weber Road East, 2942 Sullivant Avenue and 1449 Columbus Avenue. All the federally mandated affordability requirements have been met on these sites as well. CHN has been awarded or will be awarded low income housing tax credits along with additional City HOME funds and State funds to recapitalize and modernize 1204-1208 N. High Street, 81 Hawkes Avenue, 1715 Weber Road, 940 Weber Road, 1234 Weber Road East and 2942 Sullivant Avenue.
In order to obtain the necessary financing to accomplish this much needed rehabilitation work, CHN is asking the City to forgive the outstanding debt on those sites. 1449 Columbus Avenue is intended to be sold. The City's proportionate share of outstanding debt on that site will remain in place until sale and if there are sufficient proceeds after payment of cost of sale and debts with higher priority, the City will recoup its investment. With the new City debt being placed on the properties, the same oversight for affordable rents and low and moderate income occupancy will be in place.
Emergency action is requested so that CHN can finance its rehabilitation activities for these sites and meet the timelines mandated by OHFA and the low income housing tax credit program to complete the ...
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