Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement (HDA) and a Grant Agreement with MHP Sinclair Family Apartments, Inc. for the Sinclair Family Apartments project.
The HDA would memorialize the City’s desired commitment to the project, pending City Council approval and current and future availability of funds. The Department of Development wishes to support this project by contributing $4,350,000.00 of bond funds over two years, $2,175,000.00 from the 2020 Capital Budget and $2,175,000.00 from the 2021 Capital Budget. This legislation would authorize the Director of Development to first execute the HDA and then a Grant Agreement in the amount $2,175,000.00 funded from the 2020 Capital Budget. Pending the availability of funding in the 2021 Capital Budget, the department will seek City Council’s approval for a planned agreement modification.
The Sinclair Family Apartments projects is the result of a public-private partnership between the Columbus Metropolitan Housing Authority (CMHA) and The NRP Group that will bring desperately needed, high-quality, affordable housing units to the City of Columbus. The fund recipient, MHP Sinclair Family Apartments, Inc., is wholly owned by CMHA. The grants will be provided to MHP Sinclair Family Apartments, Inc. who, in turn, will loan the funds to the developers to cover development costs. Sinclair Family Apartments will provide 180 units of affordable housing in the Sharon Heights neighborhood of Columbus, located at 5055 Sinclair Avenue, on what is currently the Alrosa Villa property, formerly a popular live music venue.
The project will consist of three, 4-story buildings and a total of 180 one, two, three, and four-bedroom units that will serve residents at a variety of income levels - 30%, 50%, and 60% of the area median income. The goal of this project is to expand the income levels of the individuals served, up to 80% of...
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