Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure in an amount up to $950,000.00 of 2023 HOME Investment Partnerships Program (HOME) grant funds from the U.S. Department of Housing and Urban Development (HUD) and authorizes the Director of the Department of Development execute a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Artem on Gay, L.P for the Artem on Gay project in an amount up to $950,000.00.
Ohio Community Development Finance Fund is proposing the Artem on Gay project. Artem on Gay is a proposed 71-unit multi-family affordable housing development located at 347 E Gay St. in Downtown Columbus. This project will be comprised of a six-story elevator building with various amenities including: on-site management office, community room, 21 onsite parking spaces, second-floor lounge and deck area, and a first-floor covered patio and more. Offering studio to three-bedroom units targeting households with incomes at 30% to 80% of area median gross income.
Artem on Gay is located adjacent to Vera on Broad, a middle-income development, and The Abigail, a market-rate project, creating a spectrum of affordability within a single block of downtown. This highly desirable location is also near luxury condos, multiple restaurants, coffee shops, a full-service grocery store, and falls within the services of the Discovery District SID. Artem on Gay is within walking distance of three higher education facilities, Grant Hospital, Columbus Museum of Art, major employment and government institutions, and numerous bus lines. Artem on Gay will activate a decades-long underutilized surface parking lot in a growing area while keeping rents highly discounted compared to its market rate neighbors.
This legislation represents appropriation for a part of the HOME portion of the 2023 Action Plan, per Ordinance 3353-2022.
Contract Compliance: the vendor number is 052024 and expires 03/17/2027.
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