Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2015 HOME monies within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first time homebuyers, for-profit and non-profit organizations with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low and moderate income families. This ordinance is in accordance with the 2015-2019 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated as follows: $1,803,497 for the Affordable Housing Opportunity Fund, $456,107 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), $152,035 for CHDO operating set-aside, and $4,070 for HOME administration.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: The City of Columbus has been awarded $3,040,709 by the United States Department of Housing and Urban Development (HUD) in Fiscal Year 2015 (per the HUD website) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $2,415,709 and expenditure of $2,259,604 from the FY 2015 HOME entitlement. A separate ordinance will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($152,035). Ordinance No. 0231-2015 passed February 2, 2015 authorized the appropriation and expenditure of 2015 HOME funds for Tenant-based Rental Assistance grants ($325,000) and HOME Administration ($300,000).
Title
To authorize the appropriation of $2,415,709 from the 2015 HOME Fund to the Department of Development; to authorize the expenditure of $2,259,604 from the 2015 HOME Fund to provide funding for various approved 2015 programs; and to declare an emergency. ($2,415,709)
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