Explanation
BACKGROUND: This legislation seeks to authorize the appropriation and expenditure of up to $1,250,000.00 of HOME Investment Partnerships Program (HOME) entitlement grants ($756,459.62 from the 2022 grant and $9,057.62 from the entitlement portion of the 2023 grant) and $484,482.76 of program income from the 2023 grant from the U.S. Department of Housing and Urban Development and authorizes the Director of the Department of Development to execute a commitment letter and loan agreement and authorizes the city to act as a lender and have a promissory note, mortgage, and restrictive convent executed for this project with Elevate 340 LLC., to construct Elevate 340 project. The term of the agreement is 30 years with 1% interest.
Elevate 340 is the newest high-quality, sustainable, and inclusive residential housing solution in Columbus’ downtown Discovery District. The development adjacent to Nationwide Children’s Hospital is an attainable housing apartment community. This community will have a mix of 74 three, two, and one-bedroom family units. Fifty-five units are to be set aside for families at or below 60% of the AMI. Of the 55 low-income housing tax credit units, four are set aside at 30% AMI to serve the formerly homeless through Community Shelter Board referrals and rental assistance. Nineteen units are set aside as market-rate to bring together and create opportunity for the economically diverse Downtown workforce.
The Elevate 340 site is in a desirable neighborhood, rich in amenities and employment opportunities. Elevate 340 is uniquely positioned on the corner of Fulton and Grant between major employers including Nationwide Children’s Hospital, OhioHealth Grant Hospital, and Franklin University. The location provides close access to grocery stores, restaurants, childcare facilities, parks, schools, employment opportunities, health care services, and entertainment venues.
The building will feature five-stories with thirty-three secure on-si...
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