Explanation
BACKGROUND: This legislation authorizes the expenditure of 0.43% of the combined rates of 5.1% of the Hotel/Motel/Short-Term Rental Excise Tax (presently estimated at $2,317,000.00) and authorizes the Director of the Department of Development to enter into a Not for Profit Service Contract in an amount of $2,317,000.00 with the Affordable Housing Trust for Columbus and Franklin County.
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 2024, the City will commit its annual contribution of the hotel/motel/short-term rental tax receipts to the Housing Trust at an estimated $2,317,000.00 or whatever greater or lesser sum of money may be received through the portion of the Hotel/Motel/Short-Term Rental Excise Tax fund allocated to the Housing Trust. The amount is based on 0.43% in relation to the 5.1% combined rate.
This legislation is presented as an emergency because of the need to continue program services without interruption.
FISCAL IMPACT: Funding is estimated to be available in Fund 2231. Payments will be made to the Housing Trust by the Auditor’s Office on a monthly basis, up to the amount available in the fund, which in total may be more or less than the estimated amount of $2,317,000.00. Funding is contingent up passage of Ordinance 3011-2023.
Title
To authorize the Director of the Development Department to enter into a Not for Profit Service 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 expenditure of 0.43% of the combined rates of 5.1% of the Hotel/Motel/Short-Term Rental Excise Tax (presently estimated at $2,317,000.00); and to declare an emergency. ($2,317,000.00)
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