Explanation
BACKGROUND: This ordinance authorizes the return of $77,307.40 to the U.S. Department of Housing and Urban Development (HUD) from which the original HOME dollars were drawn. The return represents funds previously drawn for a Homeownership Development Project that did not proceed and complies with the terms of their agreement by repaying the funds. Upon return, the funds will be made available to the City of Columbus for use for another project eligible under the HOME set aside for Community Housing Development Organizations.
Emergency action is requested in order to return the funds immediately pursuant to HUD procedure.
FISCAL IMPACT: Funds are from the HOME Investment Partnerships Program. Repaid funds currently on hand will be returned to HUD and will be added to the funds available to the City for future use.
Title
To authorize an appropriation of $77,307.40 within the HOME Fund to the Department of Development; to authorize the Director of the Department of Development to return funds to the U.S. Department of Housing and Urban Development from which the original HOME dollars were drawn; to authorize the expenditure of $77,307.40 in HOME Funds; and to declare an emergency. ($77,307.40)
Body
WHEREAS, the Department of Development desires to return funds to the U. S. Department of Housing and Urban Development (HUD), pursuant to HUD procedure, which were originally drawn from the City’s HOME account with HUD and from which the original HOME dollars were drawn; and
WHEREAS, upon return of the funds to HUD, the funds will be made available to the City of Columbus in its HOME account for use in future projects eligible for the Community Housing Development Organization set aside; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to appropriate and expend said funds in order to return the funds immediately pursuant to HUD procedure, ther...
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