Explanation
This ordinance authorizes the appropriation and expenditure of up to $255,266.44 of 2024 U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program (HOME) program
income and authorizes the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (ADDI) program.
The City of Columbus provides down payment assistance of HOME funds to first time homebuyers whose household income is at or below 80% AMI for purchase of a home in the City of Columbus or Columbus City School District. The amount of assistance provided is the lesser of 6% of the purchase price or $14,999.00 and is provided as a forgivable loan. The household must remain in the home for a period of five years for the loan to be forgiven.
This funding will assist 17 low-moderate income first-time homebuyers purchase a home in the City of Columbus corporate limits. The agreement will address the need to assist buyer with purchasing affordable housing in the City of Columbus. Additional funds may be encumbered later in 2024 for this program.
This legislation represents a portion of the appropriation for the HOME portion of the Program Year 2024 HUD Annual Action Plan, per Ordinance 2993-2023.
Fiscal Impact: $255,266.44 is available in the 2024 HOME grant (G442302).
Title
To authorize the appropriation and expenditure of up to $255,266.44 from the 2024 HOME Investment Partnerships Program (HOME) grant; and to authorize the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (ADDI) program. ($255,266.44)
Body
WHEREAS, the City of Columbus is a participating jurisdiction of the U.S. Department of...
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