Explanation
BACKGROUND:
This legislation authorizes the expenditure of $1,008,241 for the provision of loans and grants for projects that preserve and increase the local supply of decent, safe, sanitary and affordable housing for low-income families.
The Affordable Housing Opportunity Fund represents the City's commitment to the preservation and production of housing units affordable to very-low, low and moderate-income individuals. Funds will be used to meet the housing needs identified in the Consolidated Plan. Programs will provide housing rehabilitation assistance, lead paint hazard control, home maintenance repairs for elderly and disabled households, and accessibility modifications.
Emergency action is necessary to proceed with projects currently ready to begin.
FISCAL IMPACT:
Funding is from the 2008 Community Development Block Grant Fund.
Title
To authorize the expenditure of $1,008,241 from the 2008 Community Development Block Grant Fund for the purpose of making loans and grants for operation of the Affordable Housing Opportunity Fund; and to declare an emergency. ($1,008,241)
Body
WHEREAS, the Department of Development, Housing Division desires to administer an Affordable Housing Opportunity Program; and
WHEREAS, these monies will be used to provide loans and grants to preserve and increase the supply of decent, safe, sanitary and affordable housing; and
WHEREAS, emergency action is necessary to proceed with projects currently ready to begin; 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 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 Director of the Department of Development is hereby authorized to make loans and grants for the various affordable housing programs administered by the Housing Division including housing rehabilitation assistance, lead paint hazard control, home maintenance repairs for elderly and disabled households, and accessibility modifications.
Section 2. That for the purpose as stated in Section 1, the expenditure of $1,008,241 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 248, Subfund 248001, Object Level One 05, OCA Code 448524 as follows:
Object Level Three Amount
5517 $604,945
5525 $403,296
TOTAL $1,008,241
Section 3. That expenditure of funds from this authorization will be in accordance with U.S. Department of Housing and Urban Development Regulations 24 CFR Part 570.200-206, CDBG Eligibility.
Section 4. 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.