The Board approved first amendments to HOME loan agreements and related loan documents for two affordable housing developments to preserve affordability and allow continued operation.

Robin Morehead, assistant prosecuting attorney, said Franklin County originally made HOME loans of $500,000 to both Westerville Senior Housing Limited Partnership (Ravine at Central College) and Chantry Place Housing Limited Partnership (Commons at Chantry) to support affordable housing developments. The amendments forgive accrued interest, reduce the interest rate to 0% going forward, require fixed minimum annual payments (not less than $10,000), and extend maturity dates to preserve the affordability periods through the new maturities.

For Westerville Senior Housing the loan maturity is extended to Dec. 13, 2029; for Chantry Place a short extension through March 20, 2026 was adopted with staff noting a follow-on amendment will extend the maturity further to preserve long-term affordability. Prosecutor's office staff said these changes will allow the properties to continue serving low-income residents while providing a path for repayment.

The Board adopted Resolutions 95625 (Westerville) and 97925 (Chantry Place).