Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $22,488.47 of Neighborhood Stabilization Program 1 (NSP 1) program income from the U.S. Department of Housing and Urban Development (HUD) and authorizes the expenditure of $18,946.85 of bond funds, for a total of $41,435.32, to be added to the $338,000.00 authorized under Ordinance 0406-2022.
Ordinance 0406-2022 authorized the Director of Development to enter into two commitment letters, loan agreements, promissory notes, mortgages, and restrictive covenants with HNHF Realty Collaborative, Inc., a non-profit corporation for the construction of two single family homes in the South Linden neighborhood, at 1089 and 1124 E 16th Avenue. This ordinance will add additional funds to the yet to be executed agreements. The total amount of the agreements authorized under Ordinance 0406-2022 and this ordinance is $379,435.32.
Ordinance 0406-2022 $338,000.00 NSP 1 and NSP 3 funds
This ordinance $ 41,435.32 NSP 1 funds and bond funds
Total amount $379,435.32
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. 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.
The funding will be divided as follows for each location:
1089 E 16th
$81,619.59 NSP 1 Ord. 0406-2022
$87,380.41 NSP 3 Ord. 0406-2022
$20,717.66 NSP 1 PI this ordinance
$189,717.66
1124 E 16th
$169,000.00 NSP 3 Ord. 0406-2022
$ 1,770.81 NSP 1 this ordinance
$ 18,946.85 Bond this ordinance
$189,717.66
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