Explanation
This legislation authorizes the Director of the Department of Development to enter into a grant agreement in an amount up to $350,000.00 with Columbus Housing Partnership Inc, dba Homeport, in support of the Homeownership fund which will provide targeted down payment assistance and housing counseling services.
Participants may receive up to $7,500, or 5% of the mortgage amount, whichever is less, in a dollar-for-dollar match to down payment documented in personal savings. This fund will enable at least 120 households to purchase a home. Funding may be used for down payment, closing costs, and/or rate buy-downs. Assistance is forgiven after three years of owner-occupancy. Assistance can be used with any conventional, FHA, VA, or USDA loan. Assistance can also be twinned with other programs, including those offered by the Ohio Housing Finance Agency or Franklin County.
Additionally, Housing counseling services will be offered, providing individualized support on topics like contract negotiation, applying for a loan, lender underwriting criteria, budgeting and mortgage amount calculations, credit repair, closing process, and post-purchase sustainability. Counseling also links applicants to other minority homeownership assistance initiatives, including emerging special purpose credit programs.
Emergency Designation: Emergency action is requested to ensure that Homeport can immediately begin providing targeted down payment assistance and housing counseling services.
Fiscal Impact: Funds are available within the Easton TIF Fund to support this contract.
Contract Compliance: the vendor number is 004842 and expires 3/14/2024.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Columbus Housing Partnership Inc, dba Homeport, in support of the Homeownership fund which will provide targeted down payment assistance and housing counseling services; to authorize an appropriation and expenditure w...
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