Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $760,000.00 of the 2021 and 2022 HOME Investment Partnerships Program (HOME) entitlement grant (CHDO set-a-side) from the U.S. Department of Housing and Urban Development and to enter into a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Healthy Rental Homes VII, LLC to construct single family and duplex rental homes. The total commitment to the project is $1,610,000.00 with the remaining financial support being provided by bond funds under separate ordinance.
Healthy Homes is an affordable housing developer, focused on increasing the stock of high-quality housing options available to families earning no more than 80% of Area Median Income (AMI) on Columbus’ South Side. Healthy Rental Homes VII, LLC seeks to further address the housing affordability issues that Columbus faces by developing 11 units of new construction and 2 units of rehab construction rental housing in the zip code 43206. These properties will consist of infill development, designed to replace residential structures that have been demolished and rehabilitate two existing structures. Additionally, the parcels that have been identified for redevelopment are being acquired exclusively from the City of Columbus and Franklin County Land Banks.
The 13 rental units for which we are seeking funding will consist of 3 single-family homes and 5 duplexes. All but two of these properties will be built by Unibilt Industries-a modular home builder located in Dayton, Ohio. The modular units will be delivered approximately 75% complete and set on full foundations. Healthy Homes has engaged a General Contractor who will complete all site preparations, construct the foundations, and manage the balance of work post-delivery. Once delivered, the units will require mechanical connections for electricity, plumbing, and HVAC. Porches will be constructed on-site, and there will be ...
Click here for full text