Explanation
BACKGROUND: The City of Columbus and Capital South Community Urban Redevelopment Corporation established the Downtown Housing Investment Fund (DHIF) and executed an Operative Agreement governing expenditures therefrom, which was authorized by Ordinance No. 1130-01.
The Capital South Urban Redevelopment Corporation has requested, pursuant to Section 15(d)(iv) of the Operative Agreement, that the Director of Finance approve the use of$3,580,000 dollars from the DHIF to make a grant to the Columbus Downtown Development Corporation (CDDC) for the development of an affordable housing project. The funds will be utilized for the purchase of 497 E. Town Street. CDDC will construct 80-100 units of housing on the site affordable to 60% AMI, 80% AMI and 100% households.
This Ordinance authorizes the Director of Finance to execute a letter authorizing Capital South Urban Redevelopment Corporation to make a grant in the amount of $3,580,000 dollars from the DHIF to the CDDC for the foregoing affordable housing project.
Emergency action is requested in order to into contract with Columbus Downtown Development Corporation and facilitate the purchase of the property and timely construction of residential housing units.
FISCAL IMPACT: No Fiscal Impact.
Title
To authorize the Director of the Department of Finance to execute a letter authorizing the Capital South Urban Redevelopment Corporation to use $3,580,000.00 from the DHIF to make a grant to the Columbus Downtown Development Corporation for the purchase of 497 E. Town Street, which the Columbus Downtown Development Corporation will use for the construction of 80-100 units of housing on the site affordable to 60% AMI, 80% AMI and 100% households; and to declare an emergency.
Body
WHEREAS, the City of Columbus and Capital South Community Urban Redevelopment Corporation established the Downtown Housing Investment Fund (DHIF) and executed an agreement governing expenditures therefrom, as authorized by Or...
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