Explanation
BACKGROUND:
This legislation authorizes the expenditure of $1,507,061 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 through repair, acquisition, and/or construction of rental or homeowner units. Programs will provide homeowner assistance with home repairs in Neighborhood Pride areas, home maintenance repairs for seniors, homeownership development incentives, and accessibility modifications.
Emergency action is necessary to allow for payment of projects currently underway at this time.
FISCAL IMPACT:
Funding is from the 2004 Community Development Block Grant Fund.
Title
To authorize the expenditure of $1,507,061 from the 2004 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. ($1,507,061)
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 allow for prompt payment of projects currently underway; 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 homeowner assistance in Neighborhood Pride areas, homes maintenance and repairs for seniors, accessibility modifications, homeownership development incentives.
Section 2. That for the purpose as stated in Section 1, the expenditure of $1,507,061 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 248, Subfund 248001, as follows:
OJL One OJL Three OCA Code Amount
05 5517 444009 $1,028,413
05 5525 444009 $ 478,648 TOTAL $1,507,061
Section 3. That expenditures of funds from this authorization will be in accordance with U.S. Department of Housing and Urban Development Rule 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.