Explanation
Background: The City of Columbus has been awarded $23,200,773.00 of Neighborhood Stabilization Program 2 (NSP2) grant funds under the American Reinvestment and Recovery Act of 2009 (Public Law 111-005) (Recovery Act) from the U.S. Department of Housing and Urban Development (HUD). The funds will provide for the acquisition, rehabilitation, redevelopment or demolition of foreclosed, abandoned and vacant properties in order to stabilize neighborhoods and stem the decline of housing values. This ordinance authorizes an appropriation of $11,117,773.00 in various divisions and object levels of the General Government Grant Fund to provide funding for approved programs. Prior ordinance number 0156-2010 authorized the Director of the Department of Development to enter into consortium funding agreements with members of the NSP2 Consortium and the appropriation and expenditure of $12,083,000.00.
The City of Columbus is the Lead Applicant of the NSP 2 Consortium which is an association of seven organizations and government entities formed for the purpose of applying for and implementing NSP2 funds, as well as, pooling their resources and services for achieving a common goal: Creating vital, healthy neighborhoods by implementing strategies that build a stronger housing real-estate market in weak-market areas of Columbus and Franklin County. Members of the NSP2 Consortium include The City of Columbus, Franklin County, Affordable Housing Trust of Columbus and Franklin County, Campus Partners, Columbus Housing Partnership, Community Development Collaborative of Greater Columbus, and Habitat for Humanity of Greater Columbus.
This legislation is presented as an emergency for the effective implementation of 2010 NSP2 activities to address the current mortgage crisis in our city.
Fiscal Impact: This legislation authorizes the appropriation of $11,117,773 for the 2010 NSP2 programs. Costs will be reimbursed to the city by HUD as expended.
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