Label
DNBD Cheney Flats Property Sale
Department of Neighborhoods
Amy Sackman Odum (3647)
(Revised)
Title
Authorizing the Mayor to enter into a Real Estate Purchase Agreement with Torrey Hill Apartments Two, LLC, to execute and deliver needed instruments for the sale and conveyance of the city's ground lease interest at 1602 Adams Street in the City of Toledo, Lucas County, Ohio; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the deposit of $81,500; authorizing the mayor to execute and deliver the needed instruments to satisfy the HOME Loan note and release the associated mortgage all in respect to the 65-unit multi-family rental low income tax credit housing known as New Cheney Flats; making certain findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the fee owner of certain real property located at 1602 Adams Street in the City of Toledo, Lucas County, Ohio. Improvements on the real property are currently owned by Adams Street II Limited Partnership and are known as New Cheney Flats, which is a 65-unit affordable multi-family housing complex consisting of one-two-and three-bedroom garden style apartments.
In order to facilitate the development of New Cheney Flats in the early 2000s, the city entered into a ninety (90) year ground lease with Adams Street II Limited Partnership and lent HOME Investment Partnership Program loan funds to assist in the construction, financing and completion of the project. In exchange for borrowing HOME loan funds a certain number of units must be affordable for a certain period of time.
In addition to the city's financial assistance, the project was awarded Low-Income Housing Tax Credits. The Low-Income Housing Tax Credit program (LIHTC) is a public policy tool used to provide funding for the development of affordable housing. The federal government allows developers of particular affordable-housing projects to sell tax credi...
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