Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $81,619.59 of Neighborhood Stabilization Program 1 (NSP 1) and $256,380.41 of Neighborhood Stabilization Program 3 (NSP 3) grants from the U.S. Department of Housing and Urban Development (HUD) and to enter into two commitment letters, loan agreements, promissory notes, and mortgages with HNHF Realty Collaborative, Inc. for the construction of two single family homes in the South Linden Neighborhood, at 1089 E 16th and 1124 E. 16th Avenue.
With the construction of two new, single-family homes at 1089 and 1124 E 16th Avenue, HNHF Realty Collaborative, Inc. is bringing investment to the South Linden neighborhood in the central city of Columbus. Each home will have three bedrooms and two and a half baths and will be built to City AWARE standards. Each home will be sold to a buyer at or below 120% of the Area Median Income as defined by HUD. The funding will be divided as follows:
· 1089 E 16th $81,619.59 NSP 1, $87,380.41 NSP 3
· 1124 E 16th $169,000.00 NSP 3
South Linden is a designated area for use of NSP 1 and NSP 3 funding. HNHF is already doing work in this neighborhood and has already completed 28 home repair projects in the South Linden neighborhood.
This legislation represents appropriation for a part of the remaining NSP 1 grant and the entirety of the remainder of the NSP 3 grant (both the line of credit balance and program income).
Emergency action is requested to allow for the developer to begin construction as soon as possible.
Contract Compliance: the vendor number is 001183 and expires 10/9/2022
Fiscal Impact: $81,619.59 is available from the NSP 1 (G440500) grant and $256,380.41 is available from the NSP 3 (G441103) grant.
Title
To authorize the appropriation and expenditure of up to $81,619.59 of the NSP 1 grant and $256,380.41 of the NSP 3 grant from the U.S. Department of Housing and Urban Development; to authorize the Director of Developmen...
Click here for full text