Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of $860,000 of Neighborhood Stabilization Program (NSP1) program income from the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2013 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: The City of Columbus receives program income from prior investments of NSP1 funds in various homeownership housing development projects. The $860,000 of program income must be expended in Neighborhood Stabilization Program eligible projects and activities.
Title
To authorize the appropriation of $860,000.00 from General Government Grant Fund, Neighborhood Stabilization Program 1 grant, to the Department of Development; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; to authorize the expenditure of $860,000.00 from the General Government Grant Fund; and to declare an emergency. ($860,000.00)
Body
WHEREAS, this legislation authorizes the appropriation and expenditure of $860,000 of NSP1 Program Income from the General Government Grant Fund to provide funding for the Department of Development obligations and expenses relating to the Neighborhood Stabilization Program; and
WHEREAS, the City of Columbus receives program income from prior investments of NSP1 funds in various homeownership housing development projects. The $860,000 of program income must be expended in Neighborhood Stabilization Program eligible projects and activities; and
WHEREAS, an emergency exists in the usual daily operation ...
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