To

Mayor and Council

Subject

Agenda Report - Support for Jordan Mills

Initiator

Community Reinvestment

Recommendation

Approval is requested for the attached resolution granting support for the \n \n rehabilitation of the Jordan Mills Apartments.

Approval

Approved

Background

Gary R. Hammond, Jr., of Hammond Development, Inc. a/k/a Jordan Mills, L.P. is

proposing to rehabilitate the old Jordan Mills complex located at 2700 12th

Avenue, Columbus, Georgia. It is anticipated there will be a total of 101 two

bedroom units. The rent structure is anticipated to be three unrestricted set

asides as follows: 16 units at 30% of median or $233 per month; 45 units at

50% of median or $452 per month; 19 units at 60% of median or $561 per month

and 21 units at market rent or $625 per month. The Resolution of Support is

needed for point value on the application for Low Income Housing Tax Credits

(LIHTC).

Analysis

The project will infuse a capital investment of approximately $13M. The value

of the development project to the health and well being of the neighborhood is

immeasurable. The project meets the established criteria for a LIHTC project.

Financial Considerations

none

Projected Annual Fiscal Impact Statement

Legal Considerations

Council must approve all Resolutions

Recommendations/ Actions

Approve attached Resolution.

No attachments for this document.