Explanation
BACKGROUND
This legislation authorizes the expenditure of $4,000,000.00 from the Affordable Housing Fund per the Housing Development Agreement with Central Ohio Community Land Trust (COCLT).
Columbus City Council Ordinance 2522-2022, passed October 3, 2022, authorized the Director of the Department of Development to enter into a $12 million Housing Development Agreement (HDA) with the Central Ohio Community Land Trust (COCLT) and appropriated $4 million for first allocation under the HDA. The Department of Development now request another allocation $4 million under this HDA. The COCLT is a successful tool to bring more affordable homeownership opportunities and reutilize Land Bank lots. This agreement will allow the continued expansion of the COCLT and continue ongoing projects. As of October, 2023, the COCLT has developed and sold 79 houses.
FISCAL IMPACTS
This ordinance authorizes an expenditure of $4,000,000.00 in the Affordable Housing Bond Fund. It is necessary to certify the requisite funds in the amount of $3,490,000.00 against the Special Income Tax Fund. It is also necessary to transfer cash and appropriation within the Affordable Housing Bond Fund. An amendment to the 2023 Capital Improvement Budget is required to establish sufficient budget authority within the proper project.
CONTRACT COMPLIANCE: the vendor number is 039810 and renewal is pending.
Title
To amend the 2023 Capital Improvement Budget; to authorize the City Auditor to appropriate and transfer funds from the Special Income Tax Fund to the Affordable Housing Bond Fund; to authorize the transfer of cash and appropriation within the Affordable Housing Bond Fund; and to authorize an expenditure in an amount up to $4,000,000.00 from the Affordable Housing Bond Fund per the Housing Development Agreement with Central Ohio Community Land Trust. ($4,000,000.00)
Body
WHEREAS, by Ordinances 0227-2019 and 0872-2020, Columbus City Council authorized the Director of the De...
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