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 Warner Junction, Ltd for the Warner Junction Project.
Warner Junction, Ltd. is a FHAct50 Building Opportunity Fund recipient of Low Income Housing Tax Credits with Ohio. 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 with the boundaries of the 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
The project is comprised of new construction of a fifty (50) unit rental project with a forty (40) unit building to be located at 731West Rich Street and five (5) duplexes to be located at 134, 149, 151, 161 and 165 Hayden Avenue in the approved Franklinton TAP on the west side of Columbus. The duplexes will be built on City of Columbus Land Bank properties.
All units are to be affordable to and occupied by households at or below 50%, 60% and 70% of the Area Median Income.
The lead entity in the project is the Ohio Community Development Finance Fund in partnership with Ohio Capital Corporation for Housing as the equity investor. The Finance Fund builds bridges between resources and the low and moderate income community to improve the quality of life for people. The Finance Fund has been in business for over 30 years and, until recently, focused exclusively on loan and grant making efforts. With the addition of Jeff Mohrman as Executive Vice President of Real Estate, the Finance Fund has begun to do affordable housing development. The organization has a competitive LIHTC project in development in Athens Coun...
Click here for full text