Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2005 HOME monies within the HOME Investment Partnerships Program for the Department of Development. The funds will assist for-profit and non-profit developers 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. This ordinance is in accordance with Ordinance No. 1822-2004 passed November 8, 2004, authorizing the adoption and filing of the Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD).
The funds will be allocated as follows: $3,651,995 for the Affordable Housing Opportunity Fund, $782,571 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDOs), $260,856 for CHDO operating set-aside, $224,407 for the American Dream Downpayment Initiative and $521,713 for HOME administration.
Emergency action is requested to allow for payment of projects where commitment letters have been issued.
FISCAL IMPACT: The City of Columbus is awarded $5,441,542 by the United States Department of Housing and Urban Development (HUD) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $5,441,542 and expenditure of $4,333,973 from the total FY 2005 HOME entitlement of $5,441,542. A separate ordinance will authorize the expenditure of the remaining HOME funds ($585,856) for CHDO operating contracts ($260,856) and Tenant Based Rental Assistance contracts ($325,000).
Title
To authorize an appropriation of $5,441,542 from the 2005 HOME Fund to the Department of Development; to authorize the expenditure of $4,333,973 from the HOME Fund to provide funding for various approved 2005 programs; and to declare an emergency. ($5,441,542)
Body
WHEREAS, it is necessary to a...
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