Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2010 HOME monies and program income within the HOME Investment Partnerships Program for the Department of Development. The funds will assist 1st time homebuyers, for-profit and non-profit organizations with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low and moderate income families. This ordinance is in accordance with the 2010-2014 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated as follows: $3,792,076.60 for the Affordable Housing Opportunity Fund, $780,980.70 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), $260,326.90 for CHDO operating set-aside, and $173,153.80 for HOME administration.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: The City of Columbus is awarded $5,206,538.00 by the United States Department of Housing and Urban Development (HUD) in Fiscal Year 2010 to fund various housing assistance activities under the HOME Investment Partnerships Act. In addition, the City has generated $525,000.00 of HOME program income that is required to be used for HOME-eligible activities. This ordinance requests the appropriation of $5,006,538.00 and expenditure of $4,573,057.30 from the total FY 2010 HOME entitlement and program income amounts of $5,731,538.00. A separate ordinance will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($260,326.90). Ordinance No. 0116-2010 passed January 25, 2010 authorized the appropriation and expenditure of 2010 HOME funds for Tenant-based Rental Assistance grants ($325,000.00) and HOME Administration ($400,000.00).
Title
To authorize the appropriation of $5,006,538.00 from the 2010 HOM...
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