Explanation
Background: In response to the housing mortgage crisis, the city of Columbus has been awarded $22,845,495.00 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, redevelopment, rehabilitation or demolition of these properties in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
Ordinances 0234-2009 and 0136-2009 authorized the Land Redevelopment Office to acquire foreclosed-upon residential properties as proposed in the Neighborhood Stabilization Program Application. Authorization is now necessary to transfer properties acquired by the Land Redevelopment Office under both the NSP and under the Land Reutilization Program to non-profit developers for NSP redevelopment projects. All properties within this legislation will be funded within the 25% portion of the NSP funds required to benefit residents at 50% or below of the area median income.
Emergency action is requested to conform to deadlines established by HUD and to begin the redevelopment of properties as soon as possible.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to execute any and all necessary agreements and deeds for conveyance of title of 102 parcels of real property held in the Land Bank pursuant to the Land Reutilization Program and Neighborhood Stabilization Program; and to declare an emergency.
Body
Whereas, ordinance 1860-2008 adopted the City's Neighborhood Stabilization Program, authorized the filing of the Neighborhood Stabilization Program application with HUD, and made a substantial amendment to the Consolidated Plan's 2008 Action Plan; and
Whereas, ordinances 0234-2009 and 0136-2009 authorized the Director of the Department of Development to acquire properties under the Neighbo...
Click here for full text