Explanation
BACKGROUND: The City is a participating jurisdiction receiving federal funds under the HOME Investment Partnerships Program (HOME) of the U. S. Department of Housing and Urban Development (HUD). The regulations of the program provide that up to five percent of the annual allocation may be granted to Community Housing Development Organizations (CHDOs) to pay operating costs of the agencies. CHDOs are nonprofit organizations that work in neighborhoods to develop affordable housing through rehabilitation of existing housing stock or new in-fill construction.
This legislation authorizes the expenditure of $261,995.50 of HOME Funds and also authorizes the Director of Development to enter into a contract with the Community Development Collaborative of Greater Columbus (Collaborative) to serve in the role as a funding intermediary, facilitator of training, and builder of organizational capacity. These funds leverage additional public and private funds for operating support. The City and the Collaborative have collectively developed a process for competitive distribution of the funds. All CDCs that produced and sold any houses in 2008 will receive a base amount of $50,000 plus 80% of any amount over the $50,000 base that was awarded in 2008. If a CDC did not produce or sell a house in 2008 the CDC will receive 80% of their 2008 base-funding amount.
The Collaborative will administer contracts for the following CHDOs:
Community Development for All People $44,399.10
Franklinton Development Association $44,399.10
Greater Linden Development Corporation $40,000.00
Homes on the Hill, CDC $44,399.10
MiraCit Development Corporation $44,399.10
Samaritan Project $44,399.10
Total $261,995.50
Contract figures represent only the HOME funded portion of the CHDOs t...
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