Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2007 HOME monies within the HOME Investment Partnerships Program for the Department of Development. The funds will assist for-profit and non-profit developers with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families. This ordinance is in accordance with Ordinance No. 1748-2006, passed November 6, 2006, authorizing the adoption and filing of the Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD).
The funds will be allocated as follows: $3,084,501 for the Affordable Housing Opportunity Fund, $730,608 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDOs), $243,535 for CHDO operating set-aside, $111,977 for the American Dream Downpayment Initiative and $87,071 for HOME administration.
Emergency action is requested to allow for payment of projects where commitment letters have been issued.
FISCAL IMPACT: The City of Columbus is awarded $4,870,715 by the United States Department of Housing and Urban Development (HUD) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $4,257,692 and expenditure of $3,927,086 from the total FY 2007 HOME entitlement of $4,870,715. A separate ordinance will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($243,535).
Title
To authorize an appropriation of $4,257,692 from the 2007 HOME Fund to the Department of Development; to authorize the expenditure of $3,927,086 from the HOME Fund to provide funding for various approved 2007 programs; and to declare an emergency. ($4,257,692)
Body
WHEREAS, it is necessary to appropriate and expend funds from the unappropriated balance of the 2007 HOME Fund to the Department of Development; and
WHEREAS, HOME funds will be used to assist for-profit and non-profit developers with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to appropriate and expend said funds to allow for payment of projects where commitment letters have been issued 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 from the unappropriated monies in the fund known as the HOME Fund, Fund No. 201, Grant 458001 and from all monies estimated to come into said fund from any and all sources during the 12 months ending December 31, 2007, there be and hereby is appropriated to Division 44-10 in the following sums:
PROGRAM OJL OJL
ONE THREE OCA AMOUNT
Affordable Housing
Opportunity Fund 05 5528 440533 $3,084,501
CHDO Set-aside (15%) 05 5528 440535 $730,608
HOME Administration 01 1101 440532 $87,071
CHDO Operating 03 3337 440534 $243,535
American Dream
Downpayment Initiative 05 5528 440536 $111,977
TOTAL FUND NO. 201 $4,257,692
Section 2. That the monies appropriated in the foregoing Section 1 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 3. That the Director of the Department of Development is hereby authorized to assist for-profit and non-profit developers with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income
families.
Section 4. That for the purpose as stated in Section 3, the expenditure of $3,927,086 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 201, Grant 458001 as follows:
PROGRAM OJL OJL
THREE THREE OCA AMOUNT
Affordable Housing
Opportunity Fund 05 5528 440533 $3,084,501
CHDO Set-aside (15%) 05 5528 440535 $730,608
ADDI 05 5528 440536 $111,977
Total $3,927,086
Section 5. 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.