Explanation
Background: In response to the housing mortgage crisis, the city of Columbus has been awarded $22,845,495 of Neighborhood Stabilization Program (NSP) grant funds from the U.S. Department of Housing and Urban Development (HUD). The funds will provide for the purchase of foreclosed or abandoned properties, redevelopment, rehabilitation or demolition of these properties in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
On February, 23, 2009, Council authorized implementation of the acquisition portion of the NSP program by authorizing the Development Director to purchase properties in accordance with the program guidelines and to execute any and all documents for conveyance of title to such real property. Ordinances 0234-2009 and 0136-2009 authorized the expenditure of $3,100,000 of the $3,652,500 budgeted for property acquisition under the City' NSP Application, adopted by ordinance 1860-2008. This legislation authorizes the expenditure of the remaining funds budgeted for property acquisition ($552,000), and authorizes the expenditure of an additional $303,000.00, funds the City received as reimbursements from property acquisitions. This amount is the difference between total voucher amounts and the final amount expended. Acquisitions authorized under this legislation will conform to requirements established by HUD under the NSP Program. Properties suitable for redevelopment and blighted properties proposed for demolition will be acquired under this legislation, as stated in the Application. The subsequent disposition will be in accordance with City and NSP program requirements. The Land Redevelopment Office will manage these properties until transferred for redevelopment.
Emergency action is requested to begin the purchase of properties as soon as possible in order to facilitate the rehabilitation, redevelopment or demolition of same.
Fiscal Impact: This legislation authorizes the appropriatio...
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