Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2006 HOME monies within the HOME Investment Partnerships Program for the Department of Development. The funds will assist for-profit and non-profit developers with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families. This ordinance is in accordance with Ordinance No. 1649-2005, passed November 14, 2005, authorizing the adoption and filing of the Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD).
The funds will be allocated as follows: $3,442,082 for the Affordable Housing Opportunity Fund, $737,589 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDOs), $245,863 for CHDO operating set-aside, $111,977 for the American Dream Downpayment Initiative and $491,726 for HOME administration.
Emergency action is requested to allow for payment of projects where commitment letters have been issued.
FISCAL IMPACT: The City of Columbus is awarded $5,029,237 by the United States Department of Housing and Urban Development (HUD) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $5,029,237 and expenditure of $3,966,648 from the total FY 2006 HOME entitlement of $5,029,237. A separate ordinance will authorize the expenditure of the remaining HOME funds ($570,863) for CHDO operating grants ($245,863) and Tenant Based Rental Assistance ($325,000).
Title
To authorize an appropriation of $5,029,237 from the 2006 HOME Fund to the Department of Development; to authorize the expenditure of $3,966,648 from the HOME Fund to provide funding for various approved 2006 programs; and to declare an emergency. ($5,029,237)
Body
WHEREAS, it is necessary to appropriate and expend funds from the unappropriated balance of the 2006 HOME Fund to the Department of Development; and
WHEREAS, HOME funds will be used to assist for-profit and non-profit developers with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; 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 to allow for payment of projects where commitment letters have been issued 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 and
from all monies estimated to come into said fund from any and all sources during the 12 months
ending December 31, 2006, there be and hereby is appropriated to the following Division the
following sums:
Division 44-10 OBJECT OBJECT
LEVEL LEVEL OCA
PROGRAM ONE THREE CODE GRANT AMOUNT
Affordable Housing
Opportunity Fund 05 5528 446131 458001 $3,117,082
03 3336 446131 458001 $325,000
CHDO Set-aside (15%) 05 5528 446133 458001 $737,589
HOME Administration 01 1101 446130 458001 $491,726
CHDO Operating 03 3336 446132 458001 $245,863
American Dream
Downpayment Initiative 05 5528 446134 458001 $111,977
TOTAL FUND NO. 201 $5,029,237
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 assist for-profit and
non-profit developers with grants and no or low interest loans for projects designed to increase
and preserve the local supply of decent, safe, sanitary, and affordable housing for low income
families.
Section 4. That for the purpose as stated in Section 3, the expenditure of $3,966,648 or so much thereof
as may be necessary, is hereby authorized from the Department of Development, Division 44-10,
Fund 201 as follows:
OBJECT OBJECT
LEVEL LEVEL OCA
PROGRAM ONE THREE CODE GRANT AMOUNT
Affordable Housing
Opportunity Fund 05 5528 446131 458001 $3,117,082
CHDO Set-aside (15%) 05 5528 446133 458001 $737,589
ADDI 05 5528 446134 458001 $111,977
Total $3,966,648
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.