Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into contracts with five 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 Program1 (NSP1) grant funds from the U.S. Department of Housing and Urban Development (HUD). The funds 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 provides for the continuation of necessary homebuyer education services. NSP1 requires all NSP homebuyers to complete HUD certified homebuyer education prior to buying an NSP funded home.
Emergency action is requested to continue homebuyer education classes in order to meet HUD's regulations for implementing the NSP funds within the designated time period required by the grant agreement.
Fiscal Impact: This legislation authorizes the expenditure of $300,000 in General Government Grant funds within the Department of Development. Funds will be made available by partially canceling an Auditor's Certificate.
Title
To authorize and direct the City Auditor to cancel $300,000 from an Auditor's Certificate; to authorize and direct the City Auditor to transfer $300,000 within the General Government Grant Fund; to authorize the Director of the Department of Development to enter into contracts with various non-profit organizations for the provision of HUD certified homebuyer education services; to authorize the expenditure of $300,000 from the General Government Grant Fund; and to declare an emergency. ($300,000.00)
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 ...
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