Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a not-for-profit service contract with the Affordable Housing Trust for Columbus and Franklin County in an amount up to $2,500,000.00 to provide funding to support emerging developers.
The City is committed to providing $5 million to the Affordable Housing Trust for Columbus and Franklin County (“AHT”) over two years in order to provide financing for the Emerging Developers Accelerator Program. The contract provides for $2,500,000.00 of the $5,000,000.00 commitment.
The Emerging Developers Accelerator Program (EDAP) is AHT’s minority developer cultivation and training program. The goal of the EDAP is to increase the number of affordable housing units by engaging more women and people of color who are largely underrepresented as developers. This will reduce socioeconomic inequities by increasing the financial capacity of emerging developers to bring on more affordable housing units.
The services included in this not-for-profit service contract cannot be provided by existing city employees because these services are beyond the City’s current staffing capacity to provide.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the not-for-profit service agreement, which is necessary to provide the Emerging Developers Accelerator Program with technical assistance, consulting, and access to capital.
FISCAL IMPACT: Funding is available in the Neighborhood Economic Development fund (2237).
CONTRACT COMPLIANCE: the vendor number is 005862 and expires 11/23/2024.
Title
To authorize the Director of the Department of Development to enter into a not-for-profit service contract with the Affordable Housing Trust for Columbus and Franklin County; to authorize the appropriation and expenditure of up to $2,500,000.00 from the Neighborhood Economic Development fund; and to declare an emergency. ($2,500,000.00)
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