Explanation
BACKGROUND: This ordinance authorizes the expenditure of $77,860.86 of HOME funds within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through programs and projects implemented under the Affordable Housing Opportunity Fund. These are designed to increase, preserve and provide access to the supply of decent, safe, sanitary, and affordable housing for low and moderate income households.
These funds are available due to canceled housing projects.
FISCAL IMPACT: $77,860.86 will be expended from the 2008 HOME Fund.
Title
To authorize the expenditure of $77,860.86 from the HOME Fund to provide funding for various approved 2008 programs. ($77,860.86)
Body
WHEREAS, this ordinance authorizes the expenditure of $77,860.86 of HOME funds within the HOME Investment Partnerships Program for the Department of Development; and
WHEREAS, the funds will assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through programs and projects implemented under the Affordable Housing Opportunity Fund; and
WHEREAS, these are designed to increase, preserve and provide access to the supply of decent, safe, sanitary, and affordable housing for low and moderate income households; and
WHEREAS, these funds are available due to canceled housing projects; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through programs and projects designed to increase, preserve and provide access to the local supply of decent, safe, sanitary, and affordable housing for low and moderate income households.
Section 2. That for the purp...
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