Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into contracts with four non-profit organizations to provide HUD-Certified homebuyer education. In response to the housing mortgage crisis, the city of Columbus has been awarded $22,845,495 of Neighborhood Stabilization Program (NSP) grant funds from the U.S. Department of Housing and Urban Development (HUD). The funds will provide for the purchase of foreclosed or abandoned properties, and the redevelopment, rehabilitation or demolition of these properties in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
This legislation will implement the Homebuyer Education portion of NSP which requires all NSP homebuyers to complete HUD Certified homebuyer education prior to buying an NSP funded home.
Fiscal Impact: This legislation authorizes the expenditure of $250,000 in General Government Grant funds within the Department of Development. The Department's 2009 NSP budget includes funds for homebuyer education.
Title
To authorize the Director of the Department of Development to enter into various contracts for the provision of homebuyer education services; and to authorize the expenditure of $250,000 from the General Government Grant Fund. ($250,000.00)
Body
WHEREAS, the Director of the Department of Development desires to enter into contracts with four non profit organizations for the provision of HUD-Certified homebuyer education services; and
WHEREAS, the City's NSP application specified the expenditure of funds to redevelop properties through renovation and new construction that meet the program's requirements as established in Title III of the Housing and Economic Recovery Act of 2008; and
WHEREAS, Columbus Housing Partnership, Columbus Urban League, Homes on the Hill CDC and Mid-Ohio Regional Planning Commission are non-profit organizations with the capacity to provide HUD-Certified...
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