Explanation
BACKGROUND
This Ordinance is to authorize the Director of Development to enter into a grant agreement with Columbus Housing Partnership for $360,000.00 coming from the 2023 Capital Budget, Affordable Housing Bond fund 7779. This legislation authorizes the bond funds be used to pay for 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. This ordinance will authorize the filing of a restrictive covenant with the project, allowing for some units to be utilized for the City's HOME match requirement which is an obligation for our HOME entitlement allocation. The Lender, Columbus Housing Partnership Inc., may assign some or all duties and responsibilities under our bond agreement to the project owner, Fieldstone Cottages, LLC.
Fieldstone Cottages will offer 40 units of affordable senior housing in a series of row ranch buildings with garages. The property is adjacent to Homeport’s 42-unit Fieldstone Court, a three-story elevator building placed in service in 2007. Fieldstone Cottages will provide a mix of 20 one- and 20 two-bedroom units, as well as a separate community building with community room, kitchenette, fitness room and office. All apartments will be fully accessible or adaptable and incorporate universal design elements, as well as meeting green building standards. 25% of the units will be affordable to extremely low-income households and all will be affordable to households at or less than 60% of area median income. In conjunction with services at Fieldstone Court, Homeport will offer supportive services typically provided in independent living senior communities, including health care screening and referral to community services.
Homeport accepts that as a condition of City funding for Fieldstone Cottages over $300,000, the property will agree that up to 4 units, affordable at or below 30% AMI will ...
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