Explanation
BACKGROUND:
Ordinance 2533-94 passed November 28, 1994 and authorized the expenditure of $155,147.00 from the HOME Fund to be used a source of matching funds for the HOME Investment Partnerships entitlement award. The Auditor's Certificate was canceled which will now require new legislation. This Ordinance authorizes the transfer and expenditure of these funds for HOME Investment Partnerships eligible housing projects and primarily for downpayment assistance loans for first time homebuyers in compliance with US Department of Housing and Urban Development (HUD) regulations.
FISCAL IMPACT:
The monies represent repayments of prior years Housing Development Action Grant (HoDAG) funds originally expended for low-income housing development.
Title
To authorize the transfer of $155,147 within the HOME Fund; to authorize the Director of the Department of Development to expend of $155,147 of HOME Funds as match dollars for HOME Investment Partnerships eligible housing projects; and to declare an emergency. ($155,147)
Body
WHEREAS; Ordinance 2533-94 passed November 28, 1994 authorized the expenditure of $155,147.00 in the General Government Grant Fund; and
WHEREAS this Ordinance authorizes the transfer and expenditure of these funds for HOME Investment Partnerships eligible housing projects including down payment assistance for low and moderate income first time homebuyers in compliance with HUD regulations; and
WHEREAS; it is the desire of the Housing Division to expend these funds from the HOME Fund to assist low income families; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer said funds and authorize these expenditures so that this program can proceed with out delay, all for the preservation of the public peace, property, health safety and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor is hereby authorized and directed to transfer $155,147.00 within the HOME Fund, Fund 201, Department No. 44-10, OCA Code 448119, Grant No. 458004, as follows:
FROM:
Object Level One Object Level Three Amount
03 3522 $155,147
TO:
Object Level One Object Level Three Amount
05 5528 $155,147
Section 2. That the Director of the Department of Development is hereby authorized to expend monies appropriated in the HOME Fund for use as loans to low and moderate income families to purchase homes.
Section 3. That for the purposes stated in Section 2 hereof, the expenditure of $155,147.00, or so much therof as may be necessary, is herby authorized from Department No. 44-10, Subfund 201, Object Level One 05, Object Level Three 5528, OCA Code 448119, Grant No. 458004.
Section 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.