Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $30,350.00 of the 2020 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development and authorizes the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant and a bond funded agreement with Healthy Rental Homes IV, LLC (HRH) for the rehabilitation of 12 units of substandard, rental housing units in zip codes 43205 and 43206.
HRH is an affordable housing developer focused on increasing the stock of high-quality housing options available to families earning no more than 80% of Area Median Income (AMI) on Columbus’ South Side. HRH seeks to further its mission of addressing the housing affordability issues that Columbus faces by rehabbing 12 units of substandard, rental housing in zip codes 43205 and 43206. This portfolio consists of 6 duplexes (12 units) all of which are currently vacant and sources of blight in the community. Several of these properties have been acquired from the City and County Land Banks as a result of our long-standing partnership with these entities. To date, HRH has completed the rehabilitation of 33 affordable rental units and six additional units are currently in construction.
HRH is seeking a total of $273,950.00 in funding from the City for these 12 units: $149,950.00 in HOME Funds and $124,000.00 in bond funds to support the substantial rehabilitation of these 12 units. HRH has engaged a General Contractor who will ensure that all aspects of these rehabs are completed in accordance with local building codes and the City of Columbus’ AWARE Manual. While the individual scopes of work do vary from property to property, each unit will generally receive the following treatment: new roofing, siding, windows and entry doors; all new mechanicals, including plumbing, complete electrical systems a...
Click here for full text