Explanation
BACKGROUND: This ordinance authorizes and directs the Director of the Department of Development to execute amendments to the Department's Neighborhood Stabilization Program 2 (NSP2) Consortium Funding Agreements as cash becomes available through NSP2 program income, canceled balances, fund transfers or other sources within the NSP2 budget. The City of Columbus is the Lead Applicant of the NSP2 Consortium which is an association of seven organizations and government entities formed for the purpose of implementing NSP2 funds. Members of the NSP2 Consortium include: The City of Columbus, Franklin County, Affordable Housing Trust of Columbus and Franklin County, Campus Partners, Columbus Housing Partnership, Community Development Collaborative of Greater Columbus, and Habitat for Humanity of Greater Columbus.
The City of Columbus receives program income from prior investments of NSP2 funds in various housing development projects. In addition, canceled funds and unspent funds can be allocated to Consortium members for project implementation. Funds can then be invested in the acquisition, rehabilitation, redevelopment or demolition of foreclosed, abandoned and vacant properties in order to stabilize neighborhoods and stem the decline of housing values.
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of February 11, 2013 as mandated by the City's NSP2 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: The City of Columbus receives program income from prior investments of NSP2 funds in various housing development projects. In addition, canceled funds and unspent funds can be allocated to Consortium members for project implementation. All funds must be expended in Neighborhood Stabilization Program eligible projects and activities.
Title
To authorize and direct the Director of the Department of Deve...
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