Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a contract with the Mid-Ohio Regional Planning Commission (MORPC) to support the Homebuyer Education Program. The Homebuyer Education Program will provide homebuyer counseling, marketing and outreach regarding homeownership opportunities for homebuyers in the City of Columbus. The contract amount will be $25,000.
Low-income families will be educated on establishing good credit and qualifying for a mortgage, will receive down-payment assistance from local agencies, including MORPC, and will receive mortgage loans from local lenders to buy a first home. MORPC will also offer six counseling sessions of six weeks each and individual credit and budget counseling. Four housing fairs will also be held that will promote access to MORPC's programs. This program will serve about 150 people.
FISCAL IMPACT: Funds for this expenditure are allocated from the 2004 Community Development Block Grant Fund.
Title
To authorize the Director of the Development Department to enter into a contract with the Mid-Ohio Regional Planning Commission for the Homeownership Program; and to authorize the expenditure of $25,000 from the 2004 Community Development Block Grant Fund. ($25,000)
Body
WHEREAS, the Department of Development, Housing Division, desires to enter into a contract with MORPC to fund the Homebuyer Education Program; and
WHEREAS, MORPC's Homebuyer Education Program will help low-income families be educated on establishing good credit and qualifying for a mortgage, receiving down-payment assistance from local agencies and receive mortgage loans from local lenders to buy a first home; and
WHEREAS, MORPC will also offer six counseling sessions of six weeks each, individual credit and budget counseling and four housing fairs will also be held that will promote access to MORPC's programs; 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 enter into a contract with the Mid-Ohio Regional Planning Commission to fund the Homebuyer Education Program.
Section 2. This contract is awarded pursuant to Section 329.15 of the Columbus City Code.
Section 3. That for the purpose stated in Section 1, the expenditure of $25,000.00 or so much thereof as may be necessary, be and is hereby authorized to be expended from the Department of Development, Housing Division, Department No. 44-10, Fund 248, Object Level One 03, Object Level Three 3336, OCA Code 444127.
Section 4. This ordinance shall take effect and be in force from the earliest period allowed by law.