Explanation
BACKGROUND:
This ordinance transfers $74,665 within the Development Department, Home Fund to provide funds for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families. Current and expected applications for downpayment assistance exceeds the current amount of HOME funds allocated. These funds, canceled from contracts containing unused funds, will supplement the current budget and allow the downpayment program to assist low and moderate income first time homebuyers to purchase their first home.
This ordinance is submitted as an emergency in order to meet the demand of current and expected applications for downpayment assistance.
FISCAL IMPACT:
This ordinance will authorize the transfer of $74,665 from Object Level One 03 to Object Level One 05 within the HOME Fund.
Title
To authorize and direct the transfer of $74,665 between object levels within the Development Department Home Fund; to authorize the expenditure of $74,665 from the Home Fund for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and to declare an emergency. ($74,665)
Body
WHEREAS, it is necessary at this time to transfer and expend $74,665 within the HOME Fund located in the Department of Development for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and
WHEREAS, current and expected applications for downpayment assistance exceeds the current amount of HOME funds allocated; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer and expend said funds in order to meet the demand of current and expected applications for downpayment assistance, thereby preserving the public health, peace, property, safety and welfare, Now, Therefore;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor be and is hereby authorized and directed to transfer $74,665 within the Development Department, Home Fund, Fund 201, Grant 458001, Housing Division, Division 44-10, as follows:
FROM:
Object Level 1 Object Level 3 OCA Amount
03 3336 445131 $74,665
TO:
Object Level 1 Object Level 3 OCA Amount
05 5528 445131 $74,665
Section 2. That the expenditure of $74,665, or so much thereof as may be necessary from the Development Department, Housing Division, Division 44-10, Fund 201, Grant 458001, Object Level One 05, Object Level Three 5528, OCA Code 445131 is hereby authorized.
Section 3. That for 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.