Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of HOME program income 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 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 2015-2020 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated as follows: $202,500 for the Affordable Housing Opportunity Fund and $22,500 for HOME administration.
Emergency action is requested to allow for continuation of vital program services without interruption.
FISCAL IMPACT: The City of Columbus has generated $225,000 in HOME program income. This ordinance requests the appropriation $225,000 and the expenditure of 202,500 from HOME program income.
Title
To authorize the appropriation of $225,000 from unappropriated HOME program income funds to the Department of Development; to authorize the expenditure of $202,500 from the HOME Fund to provide funding for various approved 2015 programs; and to declare an emergency. ($225,000)
Body
WHEREAS, it is necessary to appropriate and expend funds from the unappropriated balance of the HOME Fund program income to the Department of Development; and
WHEREAS, HOME funds will be used to 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 income families; 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 to allow for continuati...
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