Explanation
BACKGROUND: This ordinance authorizes the expenditure of $532,214.71 of HOME funds within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first-time homebuyers, for-profit and non-profit organizations 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 and moderate income families. This ordinance is in accordance with the 2010-2014 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated to the Affordable Housing Opportunity Fund and the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO).
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: $532,214.71 will be expended from the HOME Fund. These funds are available due to canceled housing projects.
Title
To authorize the expenditure of $532,214.71 from the HOME Fund to provide funding for various approved programs; and to declare an emergency. ($532,214.71)
Body
WHEREAS, this ordinance authorizes the expenditure of $532,214.71 of HOME funds within the HOME Investment Partnerships Program for the Department of Development; and
WHEREAS, HOME funds will be used to assist first-time homebuyers, for-profit and non-profit organizations 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; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to expend said funds to allow for continuation of vital program services without interruption, thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY TH...
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