Explanation
BACKGROUND:
This legislation authorizes the expenditure of $844,043 for the provision of loans and/or grants for projects that preserve and increase the local supply of decent, safe, sanitary and affordable housing for low-income families. The source of funding is the Community Development Block Grant fund awarded to the City by the U.S. Department of Housing and Urban Development (HUD).
The Affordable Housing Opportunity Fund represents the City's commitment to the preservation and production of housing units affordable to very-low, low and moderate-income individuals. Eligible households must meet the HUD income eligibility requirements of 80% AMI or below. Funds will be used to meet the housing needs identified in the Consolidated Plan. Programs will provide housing rehabilitation assistance for owner-occupied, single family homes of homeowners. Programs include: the Vacant Property Prevention Program which provides home repair loans to owner occupants not to exceed $40,000. This program will operate citywide within Columbus corporate limits; and the Old Oaks Pilot Project for the redevelopment of vacant and abandoned properties in historic districts or homes that are historically significant for homeownership. The redevelopment in Old Oaks would be in keeping with the historic nature of the properties or the area. Eligible homebuyers will access gap financing in their purchase/rehabilitation of housing in the Old Oaks area.
Emergency action is requested to avoid interruptions in program services.
FISCAL IMPACT:
Funding is from the 2012 Community Development Block Grant Fund.
Title
To authorize the Director of the Department of Development to make loans and grants for operation of the Affordable Housing Opportunity Program; to authorize the expenditure of $844,043.00 from the 2012 Community Development Block Grant Fund; and to declare an emergency. ($844,043.00)
Body
WHEREAS, the Department of Development, Housing Division des...
Click here for full text