Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2008 HOME monies within the HOME Investment Partnerships Program for the Department of Development. The funds will assist non-profit Community Housing Development Organizations (CHDOs) 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. A Notice of Funding Availability (NOFA) published in the Federal Register on May 16, 2008, announced that approximately $1 million in HOME funds had become available for competitive reallocation as a result of the de-obligation by HUD of Community Housing Development Organization (CHDO) set-aside funds that were not committed in a timely manner. The HOME statute requires that any de-obligated CHDO funds must be reallocated by competition.
The City of Columbus is one of six cities that were selected for funding through the nationwide competition for HUD reallocated funds. The City's award is for $250,000, the maximum amount. As a participating jurisdiction (PJ) the City of Columbus must use the funds to produce energy efficient and environmentally-friendly (Green) housing units that are owned, developed or sponsored by eligible CHDOs, using design and technology models that can be replicated. All CHDO units developed with these funds must meet all HOME eligibility and affordability requirements, and qualify for and receive Energy Star certification by an independent HOME Energy Rater (HER) upon completion.
FISCAL IMPACT: The City of Columbus is awarded $250,000 by the United States Department of Housing and Urban Development (HUD) to fund HOME eligible activities.
Title
To authorize an appropriation of $250,000 from the 2008 HOME Fund to the Department of Development; to authorize the expenditure of $250,000 from the HOME Fund to provide funding for various approved 2008 programs; and to declare an...
Click here for full text