Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure in an amount up to $2,000,000.00 of grant funding from the U.S. Department of Housing and Urban Development (HUD), through the HOME Investment Partnerships Program American Rescue Plan (HOME-ARP) and authorizes the Director of Development to execute a commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with Commons at Grant (TC2) Housing Limited Partnership for renovation of the Commons at Grant.
Total City funding for the project is $2,144,000.00. Of this amount $2,000,000.00 is found within this ordinance and establishes HOME -ARP funding for the Commons at Grant project. A subsequent ordinance will be put forth to City Council in an amount up to $144,000.00 for the remaining HOME-ARP funding of this project to provide supportive services for residents at this location over the course of four years.
The Commons at Grant was one of Ohio’s first permanent supportive housing projects located in downtown Columbus and National Church Residences will be resyndicating and renovating it to further their commitment in providing affordable housing. Since being built by National Church Residences in 2003, Commons at Grant has served individuals coming out of homelessness. This project helped to pioneer the concept of permanent supportive housing and is a testament to the commitment of providing shelter and care to vulnerable populations. Commons at Grant consists of one-hundred (100), studio units that are covered by a HAP contract through the Columbus Metropolitan Housing Authority (CMHA) that will be renewed for a 20-year term. Out of the 100 units offered at Commons at Grant, a substantial twenty (20) percent allocation is specifically designated for Extremely Low-Income (ELI) residents. This deliberate measure ensures affordability for tenants with incomes at or below thirty (30) percent of the Area Median Income (AMI), fostering inclusivity...
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