Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $1,987,081.03 from the Housing Preservation portion of the Development Taxable Bond Fund 7739 and up to $512,918.97 from Housing Preservation portion of the Northland and Other Acquisitions Fund 7735 to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties in the South Side neighborhood. The funds will assist rental projects being developed by HNHF Realty Collaborative and Community Development for All People by providing grants for residential rental projects.
This legislation is submitted as an emergency to allow the program activities to continue without interruption.
FISCAL IMPACT: Cash is available in Fund 7739 Development Taxable Bonds and Fund 7735 Northland and Other Acquisitions Fund of the 2019 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to make financial assistance available as grants to rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People to increase the local supply of decent, safe, and sanitary rental housing in the South Side neighborhood of Columbus which will decrease the number of vacant properties in the neighborhood; to authorize the expenditure of $1,987,081.03 from the Development Taxable Bond Fund 7739 and the expenditure of $512,918.97 from the Northland and Other Acquisitions Bond Fund 7735; and to declare an emergency. ($2,500,000.00)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Housing Preservation Fund to assist affordable rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People with grants to increase the local supply of decent, safe, and sanitary rental housing in the South Side neighborhood and decrease the number of vacant properties in the neighborhood; and
WHEREAS, the Housing Preservation Fund will assist the development of affordable rental units on the South Side of Columbus to continue the efforts of creating and maintaining a mixed-income community with grants for affordable rental residential projects; 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 to allow the program's activities to continue without interruption, 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 expenditure of capital improvement budget funds from this authorization will be for the provision of grants to assist with affordable rental projects with grants to affordable rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People for projects designed to increase and preserve the supply of decent, safe, and sanitary affordable rental housing units on the South Side of Columbus.
SECTION 2. That the Director of the Department of Development is hereby authorized to make financial assistance available from Fund 7739 Development Taxable Bonds and Fund 7735 Northland and Other Acquisitions fund administered by the Housing Division and awarded as grants to South Side affordable rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People.
SECTION 3. That for the purpose as stated in Section 2, the expenditure of $1,987,081.03 or so much thereof as may be necessary, is hereby authorized to be expended from the Development Taxable Bonds Fund, Fund 7739, Object Class 06, Capital Outlay per the accounting codes in the attachment to this ordinance.
SECTION 4. That for the purpose as stated in Section 2, the expenditure of $512,918.97 or so much thereof as may be necessary, is hereby authorized to be expended from the Northland and Other Acquisitions Fund, Fund 7735, Object Class 06, Capital Outlay per the accounting codes in the attachment to this ordinance.
SECTION 5. That the monies authorized in the foregoing Sections 3 and 4 shall be paid upon the order of the Director 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 6. 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 of Development administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 7. 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 8. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modification associated with this ordinance.
SECTION 9. 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.