Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $400,000.00 of the 2020 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development and to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Gates Junction Senior Housing Limited Partnership for the Gates Junction Senior Housing project.
Gates Junction Senior Housing is a FHAct50 Building Opportunity Fund recipient of LIHTC with Ohio Housing Finance Agency. The lead entity in the project is the National Church Residences in partnership with Finance Fund and Model Group. The FHAct50 Building Opportunity fund provides access to a pool of $3 million in low income housing tax credits to further the creation of diverse and accessible communities within the boundaries of a Target Area Plan (TAP) identified by the City of Columbus. The approved TAP selected by the City is Franklinton on the west side of Columbus.
Gates Junction Senior Housing will be new construction of a sixty (60) unit building rental project to be located at 1137 West Broad Street. The current building is to be demolished and the new building will have a certified address of 1131 West Broad Street. The project consists of new construction of a 60 unit building with fifty (50) one-bedroom units and ten (10) two-bedroom units targeting senior households with a member age 55 or older.
The HOME assisted units in the project will be occupied by and affordable to senior households at or below 50% of the area median income. National Church Residences has also committed units that will be affordable at 30% of the area median income. There will be at least two HOME-assisted unit in the project.
This legislation represents appropriation for the HOME portion of the 2020 Action Plan, per Ordinance 2162-2019.
Emergency action is requested to allow for the developer to maintain the project schedule...
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