City of Columbus - File #: 1734-2007

• File #: 1734-2007
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/22/2007
• In control: Health, Housing & Human Services Committee
• On agenda: 11/12/2007
• Final action: 11/15/2007
• Title: To authorize and direct the transfer of $74,665 between object levels within the Development Department Home Fund; to authorize the expenditure of $74,665 from the Home Fund for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and to declare an emergency. ($74,665)

Date	Ver.	Action By	Action	Result
11/15/2007	1	CITY CLERK	Attest
11/13/2007	1	MAYOR	Signed
11/12/2007	1	Columbus City Council	Approved	Pass
11/12/2007	1	COUNCIL PRESIDENT	Signed
10/29/2007	1	Dev Drafter	Sent to Clerk's Office for Council
10/23/2007	1	Dev Drafter	Sent for Approval
10/23/2007	1	Auditor Reviewer	Reviewed and Approved
10/23/2007	1	CITY AUDITOR	Reviewed and Approved
10/23/2007	1	Dev Drafter	Sent for Approval
10/23/2007	1	CITY ATTORNEY	Reviewed and Approved
10/22/2007	1	Dev Drafter	Sent for Approval
10/22/2007	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
10/22/2007	1	Dev Drafter	Sent for Approval
10/22/2007	1	Finance Reviewer	Reviewed and Approved
10/22/2007	1	Finance Reviewer	Reviewed and Approved
10/22/2007	1	FINANCE DIRECTOR	Reviewed and Approved

Explanation

BACKGROUND:
This ordinance transfers $74,665 within the Development Department, Home Fund to provide funds for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families. Current and expected applications for downpayment assistance exceeds the current amount of HOME funds allocated. These funds, canceled from contracts containing unused funds, will supplement the current budget and allow the downpayment program to assist low and moderate income first time homebuyers to purchase their first home.

This ordinance is submitted as an emergency in order to meet the demand of current and expected applications for downpayment assistance.

FISCAL IMPACT:
This ordinance will authorize the transfer of $74,665 from Object Level One 03 to Object Level One 05 within the HOME Fund.

Title

To authorize and direct the transfer of $74,665 between object levels within the Development Department Home Fund; to authorize the expenditure of $74,665 from the Home Fund for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and to declare an emergency. ($74,665)


Body

WHEREAS, it is necessary at this time to transfer and expend $74,665 within the HOME Fund located in the Department of Development for the provision of loans for projects and programs designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and

WHEREAS, current and expected applications for downpayment assistance exceeds the current amount of HOME funds allocated; and

WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer and expend said funds in order to meet the demand of current and expected a...