Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of $860,000 of Neighborhood Stabilization Program (NSP1) program income from the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2013 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: The City of Columbus receives program income from prior investments of NSP1 funds in various homeownership housing development projects. The $860,000 of program income must be expended in Neighborhood Stabilization Program eligible projects and activities.
Title
To authorize the appropriation of $860,000.00 from General Government Grant Fund, Neighborhood Stabilization Program 1 grant, to the Department of Development; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; to authorize the expenditure of $860,000.00 from the General Government Grant Fund; and to declare an emergency. ($860,000.00)
Body
WHEREAS, this legislation authorizes the appropriation and expenditure of $860,000 of NSP1 Program Income from the General Government Grant Fund to provide funding for the Department of Development obligations and expenses relating to the Neighborhood Stabilization Program; and
WHEREAS, the City of Columbus receives program income from prior investments of NSP1 funds in various homeownership housing development projects. The $860,000 of program income must be expended in Neighborhood Stabilization Program eligible projects and activities; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to appropriate and expend said funds so expenditures can be made by the end of the grant period, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the sum of $860,000 is hereby appropriated from the unappropriated balance of the General Government Grant Fund, Fund 220, Grant 440500 and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ending December 31, 2012 to the Department of Development, Division 44-10, Object Level One 05, Object Level Three 5528, OCA Code 440506. That funds are hereby deemed appropriated in an amount not to exceed $860,000 as cash is available in the grant.
Section 2. That the Director of the Department of Development is hereby authorized to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program.
Section 3. That for the purpose as stated in Section 2, the expenditure of $860,000 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 220, Grant 440500, Object Level One 05, Object Level Three 5528, OCA Code 440506, as cash becomes available in the grant.
Section 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.