Explanation
BACKGROUND:
This legislation authorizes the Director of the Department of Development to expend $210,000 from FY 2002 HOME funds for projects by Community Housing Development Organizations (CHDOs). The City has reserved 15% of its HOME allocations for CHDOs. Eligible organizations apply to utilize these funds through loans, grants, or stand-by loans to be used for the acquisition and/or rehabilitation of rental units and units for homeownership. Rental units must be affordable to individuals earning 60% or less of the area median income, while units for homeownership must be affordable to individuals earning 80% or less of the area median income. These funds have become available due to the restructuring of a CHDO project.
Emergency action is requested so that the funds may be available for program activity immediately.
FISCAL IMPACT:
Funds to be expended are from the FY 2002 HOME fund CHDO set aside allocations.
Title
To authorize the Director of the Department of Development to expend $210,000 from the FY 2002 HOME Fund for Community Housing Development Organizations; and to declare an emergency. ($210,000)
Body
WHEREAS, it is a requirement from the U.S. Department of Housing and Urban Development (HUD) that fifteen percent (15%) of the total HOME allocation be made available for Community Housing Development Organizations (CHDOs); and
WHEREAS, it is the desire of the City of Columbus to expend monies from the FY 2002 HOME fund for CHDOs; and
WHEREAS, eligible organizations will be able to access the fund through loans to be used for the acquisition and/or rehabilitation of rental and homeowner units; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to expend said funds for the preservation of the public health, peace, property, safety, and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
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