Explanation
BACKGROUND: This legislation authorizes the amendments of Ordinance No. 0720-2023, passed by Columbus City Council on March 13, 2023 and Ordinance No. 0024-2024, passed by Columbus City Council on January 22, 2024 to increase the maximum amount of assistance to individual homebuyers participating in the Department of Development’s American Dream Downpayment Assistance (ADDI) program using non-federal funds from the lesser of 6% of the home purchase price or $7,500.00 to the lesser of 6% of the home purchase price or $14,999.00.
The maximum amount for the ADDI program was effectively changed on March 1, 2024, but amending Ordinances 0720-2023 and 0024-2024 was inadvertently missed. Approval of all ADDI agreements, currently 95 applications and agreements and 27 lender agreements, executed during this period at the increased assistance amount is also requested.
Fiscal Impact: no funding is needed for this ordinance.
Title
To amend Ordinance No. 0720-2023, passed by Columbus City Council on March 13, 2023 and Ordinance No. 0024-2024, passed by Columbus City Council on January 22, 2024 to increase the maximum amount of assistance to individual homebuyers participating in the Department of Development’s American Dream Downpayment Assistance (ADDI) program; and to approve agreements previously executed, starting March 1, 2024, at the increased assistance amount. ($0.00)
Body
WHEREAS, in March 2024, the Department of Development’s American Dream Downpayment Assistance (ADDI) program increased the maximum amount of assistance to individual homebuyers from the lesser of 6% of the home purchase price or $7,500.00 to the lesser of 6% of the home purchase price or $14,999.00; and
WHEREAS, the need exists to amend Ordinance No. 0720-2023, passed by Columbus City Council on March 13, 2023 and Ordinance No. 0024-2024, passed by Columbus City Council on January 22, 2024; and
WHEREAS, the maximum amount for the ADDI program was effectively changed in Ma...
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