Explanation
BACKGROUND: This legislation authorizes the Director of Development to enter into contract with the Affordable Housing Trust for Columbus and Franklin County in an amount up to $1,886,000.00
The Affordable Housing Trust for Columbus and Franklin County (Housing Trust) combines public and private funding through a variety of sources to support the development of housing within the City. Both rental units and homeownership projects are developed.
In 2019, the City will commit its annual contribution of the hotel/motel tax receipts to the Housing Trust at an estimated $1,886,000 or whatever greater or lesser sum of money may be received through the portion of the Hotel/Motel Excise Tax fund allocated to the Housing Trust. The amount is based on 0.43% in relation to the 5.1 % total city rate.
This legislation is presented as an emergency because of the need to continue program services without interruption.
FISCAL IMPACT: Funding is available in Fund 2231 subfund 223135 per Ordinance 2872-2018.
Title
To authorize the Director of the Development Department to enter into a contract with the Affordable Housing Trust for Columbus and Franklin County to facilitate the production of affordable housing and enhance home ownership opportunities in Columbus; to authorize the expenditure of 0.43% (presently estimated at $1,886,000.00) of the combined rates of 5.1% of the Hotel/Motel Excise Tax; and to declare an emergency. ($1,886,000.00)
Body
WHEREAS, a Columbus Housing Task Force was commissioned in May 2000 to design the City’s first housing trust fund and to recommend a structure whereby an Affordable Housing Trust for Columbus and Franklin County could facilitate the production of housing in Columbus; and
WHEREAS, the goal of the Housing Trust Fund is that 50% of the City’s leveraged funding would go to benefit citizens who are at or below 60% of the median income; and
WHEREAS, Section 371.02(c) of the Columbus City Codes, 1959, specifies that u...
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