Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $300,000.00 of the 2020 HOME Investment Partnerships Program (HOME) entitlement grant from the U.S. Department of Housing and Urban Development and to increase the amount of HOME funds supporting the Bretton Woods project, developed by Bretton Woods Senior Housing Limited Partnership.
City Council passed ordinance 0800-2021 on April 26, 2021. Since that ordinance had passed, Bretton Woods Senior Housing Limited Partnership has requested additional funds for the project due to increases in labor and material costs. The agreements have not yet been executed. The total amount of HOME support for this project is $600,000.00
Original $300,000.00 Ord. 0800-2021
Additional $300,000.00
Total $600,000.00
Bretton Woods is a 75-unit, mixed-income senior housing community with wraparound supportive services. This project will provide a mix of one and two-bedroom units with a blend of income restricted Low-Income Housing Credit (LIHTC) units and unrestricted, market-rate units. National Church Residences will be seeking 9% LIHTCs from the Ohio Housing Finance Agency. There will be at least two HOME funding assisted units included in this project.
This senior housing community will offer a blend of affordable and market-rate units: 63 units will be affordable to households earning 60 percent of the Area Median Income (AMI), while 12 units will be unrestricted. By providing several unrestricted units, National Church Residences will better serve households marginally above the income-qualifying threshold for a Low-Income Housing Credit that would otherwise be turned away. Additionally, this strategy would provide opportunity for households with incomes that initially qualify, but increase above the LIHTC threshold over time and would therefore no longer meet program regulations to remain living in the community.
The proposed site for this senior housing community is 4836...
Click here for full text