Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of monies within the HOME Investment Partnerships Program for the Department of Development. It authorizes the appropriation of $4,723.00 of HOME funds and the expenditure of $159,135.50 of HOME funds within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first-time homebuyers, for-profit and non-profit organizations 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 and moderate income families. This ordinance is in accordance with the 2010-2014 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated to the Affordable Housing Opportunity Fund and the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO).
Funds are available due to canceled housing projects and due to fact that the final 2012 HOME fund award (per HUD's signed agreement) was higher than HUD's original announcement. This meant that the 2012 CHDO Projects 15% set-aside requirement was higher than anticipated.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: $159,135.50 will be expended from the HOME Fund.
Title
To authorize the Director of the Department of Development to assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through various approved programs for low and moderate income households; to authorize the appropriation of $4,723.00 from the HOME Fund to the Department of Development; to authorize the expenditure of $159,135.50 from the HOME Fund; and to declare an emergency. ($159,135.50)
Body
WHEREAS, it is necessary to appropriate funds of $4,723.00 from the unappropriated balance of the HOME Fund to the Department of Development; and
WHEREAS, this ordinance authorizes the expenditure of $159,135.50 of HOME funds within the HOME Investment Partnerships Program for the Department of Development; and
WHEREAS, HOME funds will be used to assist first-time homebuyers, for-profit and non-profit organizations 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 expend said funds to allow for continuation of vital program services 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 Director of the Department of Development is hereby authorized to assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through programs and projects designed to increase, preserve and provide access to the local supply of decent, safe, sanitary, and affordable housing for low and moderate income households.
SECTION 2. That the sum of $4,723.00 is hereby appropriated from the unappropriated balance of the HOME Fund, Fund 201, Grant 458001 and from all monies estimated to come into said Fund from any and all sources and unappropriated for any purpose during the fiscal year ending December 31, 2014, to Department 44-10 as follows:
OCA Code / Object Level Three / Amount
442230 / 1101 / $472.00
442231 / 5528 / $3,542.55
442233 / 5528 / $708.45
SECTION 3. That for the purpose as stated in Section 1, the expenditure of $159,135.50 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 201, Grant 458001, Object Level One 05, Object Level Three 5528, and as follows:
OCA Code / Amount
441318 / $6,208.05
444131 / $34,318.00
448133 / $24,701.35
449133 / $10,000.00
440131 / $75,000.00
440233 / $2,585.10
442231 / $5,614.55
442233 / $708.45
TOTAL: $159,135.50
SECTION 4. 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 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.