Explanation
1. BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement with Iroquois Capital CDFI, LLC, an Ohio Limited Liability Company (hereinafter the “Iroquois”).
Iroquois is proposing to contribute or loan funds to Jenkins Street Lofts Limited Partnership to construct a twelve million five hundred thousand dollar ($12,500,000.00) affordable housing development that will have up to 60 affordable rental units (the “Project”). The Housing Development Agreement (the “HDA”) will outline the plans and certain commitments of the Development Team and the City as it relates to the Project.
The Department of Development agrees to submit future legislation to City Council to authorize one or more Agreements for the funding commitment of $500,000.00. The Development Team has received low income housing tax credit funding from the Ohio Housing Finance Agency.
2. FISCAL IMPACTS
There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Housing Development Agreement with the Iroquois Capital CDFI, LLC, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of the property located at 27 West Jenkins Street, in the South Side neighborhood of Columbus. (AMENDED BY ORD. 1278-2021; PASSED 6/7/2021)
Body
WHEREAS, Iroquois is proposing to contribute or loan funds to Jenkins Street Limited Partnership (“Jenkins Street”) to redevelop the property at 27 West Jenkins Street, and identified as Franklin County Tax Parcels: 010-021364, 010-064951, and 010-066447 (the “Site”); and
WHEREAS, Jenkins Street is proposing to redevelop the Site into an affordable housing development that will include up to 60 affordable residential units, (the “Project”); and
WHEREAS, the Jenkins Project has been undertaken in cooperation and partnership with the City as a much needed affordable housing pro...
Click here for full text