This ordinance authorizes the forgiveness of $1,611,229.37 in loans, including principal and interest, for Hilltop Senior Village, an affordable housing project for seniors in Columbus. Developed in two phases, Hilltop Senior Village includes 200 residential units, with 80 being rent-restricted to low-income residents under LIHTC. The loan forgiveness is critical for recapitalizing the property to maintain its affordability for decades, allowing continued provision of low-income housing.
The loan forgiveness ensures the property remains an affordable housing option for seniors, supporting Columbus's housing equity goals while allowing financial recapitalization for future sustainability.