Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $1,275,000 for the Home Again Old Oaks initiative from Housing Preservation Fund 782. The funds will assist homebuyers with grants for projects designed to redevelop residential homes and residential properties in the Old Oaks Historic District as homeownership opportunities. This initiative will increase and preserve the local supply of decent, safe, and sanitary housing including both affordable and market rate housing in the Old Oaks neighborhood. All homes will be located in the Old Oaks Historic District. All sites are located in the City of Columbus' Neighborhood Investment District E, South of Main. This makes each home eligible for residential tax abatement on any new assessed property values determined by the County Auditor.
This legislation is submitted as an emergency to allow the program's activities to begin immediately.
FISCAL IMPACT: $1,275,000 in funding is available and will be expended from the Housing Preservation Fund 782 of the 2012 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to make financial assistance available through the Home Again Old Oaks Initiative administered by the Housing Division and awarded as grants to homebuyers; to authorize the expenditure of $1,275,000.00 from the 2012 Housing Preservation Fund; and to declare an emergency. ($1,275,000.00)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Housing Preservation Fund to assist homebuyers with grants for projects designed to redevelop residential homes and residential properties in the Old Oaks Historic District as homeownership opportunities; and
WHEREAS, this initiative will increase and preserve the local supply of decent, safe, and sanitary housing including both affordable and market rate housing in the Old Oaks neighborhood; and
WHEREAS, all homes will be located in the Old Oaks Historic District. All sites are located in the City of Columbus' Neighborhood Investment District E, South of Main; and
WHEREAS, this makes each home eligible for residential tax abatement on any new assessed property values determined by the County Auditor; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to expend said funds to allow for the commencement of projects to begin immediately, thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the expenditure of capital improvement budget funds from this authorization will be for the provision of grants to assist homebuyers with grants for projects designed to redevelop residential homes and residential properties in the Old Oaks Historic District as homeownership opportunities.
Section 2. That for the purpose as stated in Section 1, the expenditure of $1,275,000 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 782, Project Number 782001-100004, Object Level One 06, Object Level Three 6617, OCA Code 782104.
Section 3. That the monies authorized in the foregoing Section 2 shall be paid upon the order of the Director of the Department of Development and that no order shall be drawn or money paid except by voucher, the form of which shall be approved by the City Auditor.
Section 4. That the Director of the Department of Development is hereby authorized to make financial assistance available through the Old Oaks Initiative Program administered by the Housing Division and awarded as grants to homebuyers.
Section 5. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with the expenditure of the funds in Section 2 above.
Section 6. 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 approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.