Explanation
BACKGROUND: This legislation authorizes the transfer of $700,000 within the General Government Grant Fund, Neighborhood Stabilization Program 1 (NSP1), authorizes the appropriation of $1,000,000 of NSP1 Program Income within the General Government Grant Fund and authorizes the expenditure of $4,680,528 from the General Government Grant Fund, NSP 1 grant. Funds are needed to obligate and expend for eligible projects and activities associated with the NSP1 Grant.
This second modification to the City's NSP1 budget results in a greater than 20% increase in one activity's original budget (Neighborhood Stabilization Fund). Therefore, since the City considers an increase greater than 20% a substantial change it is submitting to the U.S Department of Housing and Urban Development (HUD) a substantial amendment to the NSP1 plan. A public comment period was conducted per NSP1 guidelines for 15 calendar days.
This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. These funding obligations must be made prior to the end of the grant's required obligation period of September 4, 2010 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This ordinance authorizes the transfer of $700,000 within the General Government Grant Fund, NSP1 Grant and the expenditure of $4,680,528. The City of Columbus receives program income from prior investments of NSP1 funds in various homeownership housing development projects. The $1,000,000 of program income must be expended in NSP1 eligible projects. In addition, Ordinance 0913-2010 authorized the transfer of $2,980,528. This legislation also authorizes the expenditure of those funds.
Title
To authorize and direct the transfer of $700,000.00 within the General Government Grant Fund, NSP1 Grant; to authorize an appropriation of $1,000,000.00 from the Gen...
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