Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $400,000.00 of the 2020 HOME Investment Partnerships Program (HOME) funds 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 Maple Meadows Homes LLC for the Maple Meadows housing project.
The Maple Meadows housing project is new construction of 56 rental units in two buildings to be located at 6285 Maple Canyon (43229). The project will consist of 17 one-bedroom, 30 two-bedroom and, nine three-bedroom units. All units are to be affordable to and occupied by households at or below 30%, 50%, and 60% of the Area Median Income. The developer has agreed that the 30% AMI units will be offered to families in shelter whose income is sufficient to support the 30% AMI rent. There will be at least two HOME-assisted units in the project.
The lead entity in the project is the Homeport, in partnership with Ohio Capital Corporation. Homeport is a non-profit housing developer based in Columbus, Ohio. Since its inception in 1987, Homeport has given greater security, opportunity and dignity to thousands of low-income people by building quality, affordable homes, primarily financed with private investment leveraged by Federal tax credits. Homeport also develops new and renovated single- and multi-family homes designed to catalyze neighborhood revitalization, including market-rate homes, single-family, and lease-to-purchase homes.
This legislation represents appropriation for a part of the HOME portion of the 2021 Action Plan, per Ordinance 2345-2020.
Emergency action is requested to allow for the developer to maintain the project schedule.
Contract Compliance: the vendor number is 034101 and expires 3/9/2023
Fiscal Impact: The total contract amount is $400,000.00 with $150,752.71 funded from HOME 2020 program income [cash on hand] (G451903) and $249,247.29 from HO...
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