Explanation
Background: This legislation authorizes the Director of Development to amend the existing contract with Community Capital Development Corporation (CCDC) for the purpose of changing the job requirement for the CDBG-R business applicants only. The business recipients of the CDBG-R funding will be responsible for the creation of one full-time equivalent permanent job per $50,000 of CDBG-R funds used instead of one full-time equivalent permanent job per $30,000 of CDBG-R funds used. CDBG-R is a one-time funding grant issued by the American Recovery and Reinvestment Act of 2009 to the Community Development Block Grant program under Title 1 of the Housing and Community Development Act of 1974. The Community Capital Development Corporation has been administering the economic development loan programs for nine years. The economic development loan programs include the Business Development Fund Loan Program, the Working Capital Loan Program and the Neighborhood Commercial Revitalization Loan Program.
Emergency action is requested to allow the Community Capital Development Corporation to amend their agreements with the CDBG-R business recipients and to report to HUD accordingly regarding job creation.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the existing contract with the Community Capital Development Corporation for the purpose of changing the job requirement for the CDBG-R business applicants only; and to declare an emergency.
Body
WHEREAS, CCDC has successfully administered the economic development loan programs since July 1, 2004; and
WHEREAS, CCDC has received CDBG-R funding from the City of Columbus to administer the loan programs; and
WHEREAS, CDBG-R is a one-time funding grant issued by the American Recovery and Reinvestment Act of 2009 to the Community Development Block Grant program under Title 1 of the Housing and Community Development Act of 1974; and
WHERE...
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