Explanation
BACKGROUND: Since the start of the City’s Vacant and Abandoned Properties Initiative, the City of Columbus Land Bank Program and the County’s Land Bank, the Central Ohio Community Improvement Corporation (COCIC), have worked in close partnership to identify and target vacant and abandoned properties to remove blight from Columbus neighborhoods. The partnership has resulted in the accumulation of multiple parcels in neighborhoods ready for redevelopment. COCIC, the City, and Franklin County now have created a Community Land Trust (CLT) to utilize these parcels to increase the supply of affordable housing. The Central Ohio Community Land Trust (COCLT), is a subsidiary of COCIC and will work with development partners to develop new affordable housing units. The land will be permanently owned by the new CLT and the houses will be sold to qualified buyers. This joint ownership will ensure the houses are permanently affordable as they are resold. This legislation will authorize the Director of Development to enter into an agreement with the new CLT, enter into any agreement and execute deeds to transfer properties to the CLT, and spend $3.8 million toward the initiative.
FISCAL IMPACT: Funds are available in the Development Taxable Bonds Fund ($3.8m).
Title
To authorize the Director of the Department of Development, or his designee, to execute any and all documents necessary for conveyance of title to the Central Ohio Community Land Trust; to enter into an agreement with the Central Ohio Community Land Trust to spend $3,800,000.00 to develop affordable housing. ($3,800,000.00)
Body
WHEREAS, since the establishment of Franklin County’s Land Reutilization Corporation, the Central Ohio Community Improvement Corporation (COCIC), the COCIC and the City’s Land Reutilization Program (Land Banks) have worked in close partnership to identify and target vacant and abandon properties to remove blight from Columbus neighborhoods; and
WHEREAS, the par...
Click here for full text