Explanation
BACKGROUND: This legislation authorizes the appropriation of $1,500,000 and the expenditure of $1,307,950 in NSP2 program income within the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program 2 (NSP2) Grant. This legislation also authorizes the Director of the Department of Development to modify and increase the NSP2 Consortium Agreements with Campus Partners for Community Urban Redevelopment, Columbus Housing Partnership, Community Development Collaborative of Greater Columbus and Franklin County. The City of Columbus, as the Lead Applicant of the NSP2 Consortium, will allocate $192,050 for administration and project delivery costs. The NSP2 funds provide for the acquisition, rehabilitation, redevelopment or demolition of foreclosed, abandoned and vacant properties in order to stabilize neighborhoods and stem the decline of housing values.
This ordinance is submitted as an emergency so as to allow NSP2 funds to be obligated and expended on projects before the end of the grant period.
FISCAL IMPACT: The City of Columbus receives program income from prior investments of NSP2 funds in various homeownership housing development projects. The $1,500,000 of program income must be expended in NSP2 eligible projects.
Title
To authorize the transfer of $80,000.00 within the General Government Grant Fund; to authorize the appropriation of $1,500,000.00 within the General Government Grant Fund, NSP2 Program Income, to the Department of Development; to authorize the Director of the Department of Development to modify and increase NSP2 Consortium Agreements with various non-profits for eligible projects and activities associated with the NSP2 Grant; to authorize the expenditure of $1,307,950.00 from the General Government Grant Fund; and to declare an emergency. ($1,500,000.00)
Body
WHEREAS, this legislation authorizes the appropriation o...
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