Explanation
This ordinance authorizes the expenditure in an amount up to $164,989.00 of U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program (HOME) program Funds, authorizes the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (ADDI) program and authorizes the expenditures in amounts up to $12,060.00 of 2021 HOME funds and $152,929.00 of 2023 HOME funds.
The City of Columbus provides down payment assistance of HOME funds to first time homebuyers whose household income is at or below 80% AMI for purchase of a home in the City of Columbus or Columbus City School District. The amount of assistance provided is the lesser of 6% of the purchase price or $14,999.00 and is provided as a forgivable loan. The household must remain in the home for a period of five years for the loan to be forgiven.
This funding will assist 11 low-moderate income first-time homebuyers purchase a home in the City of Columbus corporate limits. The agreement will address the need to assist buyer with purchasing affordable housing in the City of Columbus. Additional funds may be encumbered later in 2026 for this program.
This legislation represents a portion of the appropriation for the HOME portion of the Program Year 2021 HUD Annual Action Plan, per Ordinance 2345-2020 and a portion of the appropriation for the HOME portion of the Program Year 2023 HUD Annual Action Plan per Ordinance 3353-2022.
Fiscal Impact: $12,060.00 is available within the 2021 HOME grant (G452000) and $152,929.00 is available within the 2023 HOME grant (G442202).
Title
To authorize expenditures in an amount up to $12,060.00 within the 2021 HOME Investment Partnerships Program (HOME) grant and $152,929.00 within the 2023 HOME grant; and authorizes the Director of the Department of Development ...
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