Label
Department of Housing and Community Development
American Rescue Plan Act (ARPA) Fund
Affordable Housing Development
Director Rosalyn Clemens (x3647)
Revised
Title
Authorizing the appropriation and expenditure of $10,000,000 from the Local Fiscal Recovery Fund for projects and costs associated with the development of Affordable Housing in the City of Toledo; authorizing the Mayor to enter into agreements for said affordable housing projects; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
On November 30, 2021, the City released a competitive Notice of Funding Availability (NOFA) for American Rescue Plan Act (ARPA), Home Investment Partnerships Program (HOME), and HOME American Rescue Plan (HOME-ARP) funds to support acquisition, new construction or rehabilitation of affordable rental housing, permanent supportive housing, and non-congregate shelter projects.
This Ordinance authorizes expenditures of $10,000,000 for projects and costs associated with the development of affordable housing projects selected though the NOFA and outlined in Schedule A. These projects will help to reduce the significant shortage of affordable housing in Toledo by providing 217 units of family and senior housing for low- and moderate-income households; and shelter housing for victims of domestic violence. ARPA funded housing will be occupied by households with income at or below 65% of the area median. ARPA funded housing will have a minimum affordability period of 20 years, enforced with a recorded restrictive covenant on the property. ARPA funds will be disbursed upon meeting all Closing Conditions identified in Schedule B.
Summary
NOW THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the appropriation of $10,000,000 is authorized from the unappropriated balance of the Local Fiscal Recovery Fund for the Affordable Housing Projects listed below and further authorizing the expenditure of same.
Project Account Cod...
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