Explanation
BACKGROUND: The Columbus/Franklin County Affordable Housing Trust Corporation (Corporation) combines public and private funding through a variety of sources to support the development of housing within the City. Both rental units and homeownership projects are developed. In 2004 the City will commit its annual contribution of the hotel/motel tax receipts to the Corporation at an estimated $995,000.00 or whatever greater or lesser sum of money may be received through the portion of the Hotel/Motel Excise Tax fund allocated to the Columbus/Franklin County Affordable Housing Trust Corporation by the calculation contained in Article 4, Section A of the July 24, 2001 contract between the City of Columbus and the Columbus/Franklin County Affordable Housing Trust Corporation.
This legislation authorizes and directs the appropriation of $995,000.00 from the Hotel/Motel Excise Tax fund and authorizes the expenditure of said funds to the Columbus/Franklin County Affordable Housing Trust Corporation in accordance with an agreement between the City and the Corporation.
This legislation is presented as an emergency because of the need to continue program services without interruption.
FISCAL IMPACT: The $995,000.00 (or greater or lesser sum as set forth in the contract) annual contribution comes from the hotel/motel excise tax receipts.
Title
To authorize and direct the appropriation of $995,000.00 (or greater or lesser sum as set forth in the contract) from the Hotel/Motel Excise Tax fund and to authorize the expenditure of said funds to the Columbus/Franklin County Affordable Housing Trust Corporation in accordance with an agreement between the City and the Corporation regarding the use of said funds in order to facilitate the production of affordable housing and enhance home ownership opportunities in Columbus; and to declare an emergency. ($995,000.00)
Body
WHEREAS, the Mayor commissioned a Columbus Housing Task Force (Task Force) in May 2000 to design the City's first housing trust fund and to recommend a structure whereby a Columbus/Franklin County Affordable Housing Trust Corporation (Corporation) could facilitate the production of housing in Columbus; and
WHEREAS, the City has determined to adjust the annual distribution of hotel/motel tax receipts to allow for on-going contributions in the amount of approximately $995,000.00 (or greater or lesser sum as set forth in the contract) to Columbus/Franklin County Affordable Housing Trust Corporation for this effort; and
WHEREAS, the four year goal of the Housing Trust Fund is that 50% of the City's leveraged funding would go to benefit citizens who are at or below 60% of the median income; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to authorize the appropriation and expenditure of said funds to the Columbus/Franklin County Affordable Housing Trust Corporation to continue program services without interruption, in order to preserve the public peace, health, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. To authorize and direct the appropriation of $995,000.00, or the amount received by the city based on .43% in relation to the 5.1% total city rate, to the Department of Development, Department 44-01, the Hotel/Motel Excise Tax Fund 02-236, Object Level One 03, Object Level Three, 3336 and to authorize and direct the expenditure of said funds to the Columbus/Franklin County Affordable Housing Trust Corporation in accordance with an agreement between the City and the Corporation regarding the use of said funds to facilitate the production of housing in the city of Columbus.
Section 2. That in the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is 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.