Explanation
BACKGROUND
This ordinance authorizes the appropriation and expenditure of FY 2003 and 2004 HOME monies earmarked as the American Dream Down Payment Initiative (ADDI) within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first time, low and moderate-income homebuyers to purchase homes within the city of Columbus. This ordinance is in accordance with Ordinance No. 0725-04, passed April 19, 2004, authorizing the amendment to 2000-2004 Consolidated Plan as submitted to the U.S. Department of Housing and Urban Development (HUD).
Emergency action is requested to allow for payment of projects currently under consideration at this time.
FISCAL IMPACT
The City of Columbus was awarded $727,047 by HUD to fund first time homebuyer activities under the HOME Investment Partnerships Program and particularly the ADDI. This ordinance requests the appropriation and expenditure of $727,047 from the total FY 2003 and 2004 HOME ADDI entitlement of $727,047.
Title
To authorize the appropriation and expenditure of $727,047 from the HOME Fund to the Department of Development to provide funding for the American Dream Down Payment Initiative (ADDI); and to declare an emergency. ($727,047)
Body
WHEREAS, it is necessary to appropriate funds from the unappropriated balance of the 2003 and 2004 HOME Fund to the Department of Development to support the American Dream Down Payment Initiative (ADDI); and
WHEREAS, these funds will be used to assist first time, low and moderate income homebuyers to purchase a home within the city of Columbus; and
WHEREAS, emergency action is requested in order to process applications that have already been received by the Housing Division; 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 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, 2004, be and are hereby appropriated to Division 44-
10, Object Level One 05, Object Level Three 5519 as follows:
OCA
PROGRAM CODE AMOUNT
2003 American Dream
Down Payment Initiative
(ADDI) 443134 $333,503
2004 American Dream
Down Payment Initiative
(ADDI) 444134 $393,544
TOTAL FUND NO. 201............ $727,047
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 provide grants to
first time low and moderate income homebuyers for the purchase of homes within the city of
Columbus.
Section 4. That for the purpose as stated in Section 3, the expenditure of $727,047 or so much thereof as
may be necessary, is hereby authorized from the Department of Development, Division 44-10,
Fund 201, Grant 458001, Object Level One 05, Object Level Three 5519 as follows:
OCA
PROGRAM CODE AMOUNT
2003 American Dream
Down Payment Initiative
(ADDI) 443134 $333,503
2004 American Dream
Down Payment Initiative
(ADDI) 444134 $393,544
TOTAL FUND NO. 201............ $727,047
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.