City of Columbus - File #: 0064-2008

• File #: 0064-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 1/4/2008
• In control: Health, Housing & Human Services Committee
• On agenda: 1/14/2008
• Final action: 1/16/2008
• Title: To authorize the expenditure of $500,000 from the HOME Fund, Department of Development, to provide funding for the Affordable Housing Opportunity Fund; and to declare an emergency. ($500,000)

Date	Ver.	Action By	Action	Result
1/16/2008	1	CITY CLERK	Attest
1/15/2008	1	MAYOR	Signed
1/14/2008	1	Columbus City Council	Approved	Pass
1/14/2008	1	COUNCIL PRESIDENT	Signed
1/9/2008	1	CITY ATTORNEY	Reviewed and Approved
1/9/2008	1	Dev Drafter	Sent to Clerk's Office for Council
1/8/2008	1	Auditor Reviewer	Reviewed and Approved
1/8/2008	1	CITY AUDITOR	Reviewed and Approved
1/8/2008	1	Dev Drafter	Sent for Approval
1/7/2008	1	FINANCE DIRECTOR	Reviewed and Approved
1/7/2008	1	Dev Drafter	Sent for Approval
1/4/2008	1	Dev Drafter	Sent for Approval
1/4/2008	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
1/4/2008	1	Dev Drafter	Sent for Approval
1/4/2008	1	Finance Reviewer	Reviewed and Approved
1/4/2008	1	Finance Reviewer	Reviewed and Approved

Explanation

BACKGROUND: This ordinance authorizes the expenditure of FY 2006 HOME monies within the HOME Investment Partnerships Program for the Department of Development. The funds will assist for-profit and non-profit developers 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 income families. The funds are from the Affordable Housing Opportunity Fund. These monies represent funds previously drawn for a closing that was postponed resulting in the check being cancelled.

This ordinance is in accordance with Ordinance No.1649 -2005 passed November 14, 2005, authorizing the adoption and filing of the Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD).

Emergency action is requested to allow for payment of projects where commitment letters have been issued.

FISCAL IMPACT: The City of Columbus is awarded $5,029,237 by the United States Department of Housing and Urban Development (HUD) to fund various housing assistance activities under the HOME Investment Partnerships Act.


Title

To authorize the expenditure of $500,000 from the HOME Fund, Department of Development, to provide funding for the Affordable Housing Opportunity Fund; and to declare an emergency. ($500,000)


Body

WHEREAS, it is necessary to authorize the expenditure of funds from the appropriated balance of the 2006 HOME Fund to the Department of Development; and

WHEREAS, HOME funds will be used to assist for-profit and non-profit developers 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 income families; and

WHEREAS, the monies represent funds previously drawn for a closing that was postponed resulting in the check being cancelled; and

WHEREAS, emergency action is requested to allow for payment of p...