Explanation
BACKGROUND:
This ordinance authorizes the Director of Development to enter into a capital contribution grant agreement with The Affordable Housing Trust for Columbus and Franklin County (AHT) in an amount up to $2,500,000.00 for year one of the commitment to facilitate the production of affordable rental housing and homeownership opportunities in Columbus. This commitment totals $12,500,000.00 to be spread out over the next five years. This ordinance authorizes the transfer of funding between projects. This ordinance also authorizes the advancement of funds on a predetermined basis and authorizes the expenditure prior to the issuance of the purchase order beginning July 1, 2026.
Ordinance 1953-2026, as amended by Ordinance 2063-2026, in which the City stated its intention to provide funding for AHT while searching for a new funding stream to replace AHT’s Bed Tax distribution long term. The commitment to the Affordable Housing Trust is a 5-year funding commitment totaling $12,500,000.00 pending future availability of City funding and City Council approval.
Emergency Designation: Emergency action is necessary to ensure the production of affordable rental housing and homeownership within the City of Columbus is not interrupted.
FISCAL IMPACT: Funding is available with the Development Taxable Bonds Fund, 7739.
CONTRACT COMPLIANCE: The contract compliance number is 005862 and expires October 30, 2026. The agreement is contingent upon contract compliance renewal.
Title
To authorize the Director of Development to enter into a capital contribution grant agreement with the Affordable Housing Trust for Columbus and Franklin County, to provide funding for the facilitation of the production of affordable rental housing and homeownership opportunities in Columbus; the total commitment is $12,500,000.00 pending future availability of City funding and City Council approval spread out over the next five years; to authorize the transfer between projects and the expenditure in an amount up to $2,500,000.00 within the Development Taxable Bond Fund; to advance funding per predetermined schedule; to authorize the payment of expenditures prior to the issuance of the purchase order beginning July 1, 2026; and to declare an emergency. ($2,500,000.00)
Body
WHEREAS, Mayor Coleman commissioned a Columbus Housing Task Force in May 2000 to design the City’s first housing trust fund and to recommend a structure whereby a Affordable Housing Trust for Columbus and Franklin County could facilitate the production of housing in Columbus; and
WHEREAS, the goal of the Housing Trust Fund is that 50% of the City’s leveraged funding would go to benefit citizens who are at or below 60% of the median income; and
WHEREAS, these funds are in alignment with Ordinance 1953-2026, as amended by Ordinance 2063-2026, in which the City stated its intention to provide funding for AHT while searching for a new funding stream to replace AHT’s Bed Tax distribution long term; and
WHEREAS, there is a need for the production of affordable rental housing and homeownership opportunities in Columbus; and
WHEREAS, the commitment to the Affordable Housing Trust for Columbus and Franklin County is a 5-year funding commitment totaling $12,500,000 pending future availability of City funding and City Council approval; and
WHEREAS, the transfer between projects and the expenditure in an amount up to $2,500,000.00 is needed; and
WHEREAS, funding advances will be made per a pre-determined schedule to be included in the agreement and reimbursement of expenses incurred prior to purchase order creation, starting July 1, 2026, is permitted; and
WHEREAS, an emergency exists in the usual and daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into a capital contribution grant agreement in the amount up to $2,500,000.00 with The Affordable Housing Trust of Columbus and Franklin County to facilitate the production of affordable rental housing and homeownership opportunities in Columbus without interruption for the immediate preservation of 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 Director of Development be and is hereby authorized to enter into a capital contribution Grant Agreement in an amount up to $2,500,000.00, with The Affordable Housing Trust of Columbus and Franklin County to facilitate the production of affordable rental housing and homeownership opportunities in Columbus without interruption. This also authorizes the advancement of funds on a predetermined schedule and authorizes the payment of expenditures prior to the issuance of the purchase order beginning July 1, 2026.
SECTION 2. That the transfer between projects and the expenditure of $2,500,000.00, or so much thereof as may be needed, is hereby authorized in Fund 7739 (Development Taxable Bonds Fund), in Dept-Div 4410 (Housing), Project P531080-100002 (Roadway Linkus )(Unvoted Carryover) to Project P782050-100036 (Affordable Housing Trust)(unvoted carryover), in Object Class 06 (Capital Outlay) per the account codes attached to this ordinance.
SECTION 3. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 4. That the City Auditor is hereby authorized and directed to transfer any unencumbered balance in the project account to the unallocated balance within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies no longer required for said project; except that no transfer shall be made from a project account by monies from more than one source.
SECTION 5. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this Ordinance.
SECTION 6. That for 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 passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.