Label
Partial Release and Mortgage Waiver For Garden View Acres
Department of Neighborhoods
Amy Sackman Odum (3647)
(Revised)
Title
Authorizing the mayor to execute and deliver needed instruments to amend existing HOME loan to allow for the partial release of the HOME loan mortgage as each single family housing unit is sold with respect to Garden View Acres housing development; allowing the released amount to be converted into a homebuyer grant; waiving accrued interest on the HOME Loan; and making certain findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Garden View Acres Housing Development consists of 90 single-family housing units sponsored by Wallick Communities. The city lent $300,000 of HOME Investment Partnerships funds. Wallick Communities has maintained ownership over the initial 15-year compliance period and continues to maintain ownership. Currently, all 90 units are occupied.
In order to facilitate the development of Garden View Acres Housing Development in the early 2000s, the city lent HOME Investment Partnerships Program loan funds to assist with the project. In exchange for borrowing HOME loan funds, a certain number of units must be affordable for certain periods 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 credits to investors to provide the capital necessary to build the project. In exchange for the LIHTC a certain number of units are required to be affordable for a certain period of time as well.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the mayor is authorized to execute and deliver needed instruments, includ...
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