Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $601,560.67 from the Northland and Other Acquisitions Fund to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties as part of the redevelopment efforts for the Franklinton Creative Community District. The funds will assist homebuyers, renters, for-profit and non-profit developers with grants for residential projects including both affordable and market rate housing.
This legislation is submitted as an emergency to allow the program activities to continue without interruption.
FISCAL IMPACT: $601,560.67 in funding is available in and will be expended from the 2014 Capital Improvements Budget in the Northland and Other Acquisitions Fund 735.
Title
To authorize the Director of the Department of Development to make financial assistance available as grants to homebuyers, renters, for-profit and non-profit organizations to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties as part of the redevelopment efforts within the Franklinton Creative Community District; to authorize the expenditure of $601,560.67 from the Northland and Other Acquisitions Fund; and to declare an emergency. ($601,560.67)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Northland and Other Acquisitions Fund 735 to assist homebuyers, renters, for-profit and non-profit organizations with grants to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties as part of the redevelopment efforts within the Franklinton Creative Community District; and
WHEREAS, the Northland and Other Acquisitions Fund 735 will assist in the development of residential projects including both affordable and market rate housing; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in ...
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