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A resolution to approve the First Amendment to a grant contract for constructing affordable housing approved by RS2024-709 between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Southeast Community Capital Corporation dba Pathway Lending.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”), acting by and through the Metropolitan Housing Trust Fund Commission, previously entered into a grant contract with Southeast Community Capital Corporation dba Pathway Lending, for the express purpose of constructing affordable housing approved by RS2024-709; and,
WHEREAS, the parties wish to amend this grant contract by extending the term of the contract by an additional twelve months; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the amendment to the grant contract be approved.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That this First Amendment to the grant contract for constructing affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Southeast Community Capital Corporation dba Pathway Lending, a copy of which is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is hereby authorized to execute the same.
Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves the first amendment to a grant contract between Southeast Community Capital Corporation d/b/a Pathway Lending and the Metropolitan Housing Trust Fund Commission to construct affordable housing.
Pursuant to the grant agreement, adopted by Resolution No. RS2024-709, Pathway Lending was appropriated $2,000,000 to construct 62 units of affordable rental housing. The grant term was for 24 months.
The proposed amendment would extend the grant term by 12 months for a total term of 36 months. No other changes would be made to the agreement.