This ordinance authorizes the Director of the Department of Development to enter into a $20,000,000 Housing Development Agreement (HDA) with the Central Ohio Community Land Trust (COCLT) to facilitate the redevelopment of land bank lots in various Columbus neighborhoods. The agreement will allow the COCLT to engage in new affordable housing projects for 2025 and 2026. The COCLT, a subsidiary of the Central Ohio Community Improvement Corporation, will manage the construction of affordable homeownership houses. The agreement extends a prior $12,000,000 commitment from the city’s affordable housing bonds.
The agreement represents a significant investment in affordable housing in Columbus, addressing the city's housing crisis and providing affordable homeownership opportunities in multiple neighborhoods. It ensures the continued use of land bank lots for community development and affordable housing projects.