Explanation
BACKGROUND: The Affordable Housing Trust for Columbus and Franklin County (Housing Trust) combines public and private funding through a variety of sources to support the development of housing within the City. Both rental units and homeownership projects are developed.
In 2014 the City will commit its annual contribution of the hotel/motel tax receipts to the Housing Trust at an estimated $1,482,000 or whatever greater or lesser sum of money may be received through the portion of the Hotel/Motel Excise Tax fund allocated to the Housing Trust. The amount is based on 0.43% in relation to the 5.1 % total city rate.
This legislation authorizes a contract with the Housing Trust and directs the appropriation and expenditure of funds.
This legislation is presented as an emergency because of the need to continue program services without interruption.
FISCAL IMPACT: This legislation authorizes and directs the appropriation and expenditure of 0.43% of the combined rates of 5.1% of the Hotel/Motel Excise Tax fund, presently estimated at $1,482,000, and authorizes an agreement with the Housing Trust.
Title
To authorize the Director of the Development Department to enter into a contract with the Affordable Housing Trust for Columbus and Franklin County to facilitate the production of affordable housing and enhance home ownership opportunities in Columbus; to authorize the appropriation and expenditure of 0.43% (presently estimated at $1,482,000.00) of the combined rates of 5.1% of the Hotel/Motel Excise Tax; and to declare an emergency. ($1,482,000.00)
Body
WHEREAS, the Mayor commissioned a Columbus Housing Task Force (Task Force) in May 2000 to design the City's first housing trust fund and to recommend a structure whereby a Affordable Housing Trust for Columbus and Franklin County could facilitate the production of housing in Columbus; and
WHEREAS, the goal of the Housing Trust Fund is that 50% of the City's leveraged funding would ...
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