Explanation
BACKGROUND: The Columbus/Franklin County Affordable Housing Trust Corporation (Corporation) combines public and private funding through a variety of sources to support the development of housing within the City. Both rental units and homeownership projects are developed. In 2005 the City will commit its annual contribution of the hotel/motel tax receipts to the Corporation at an estimated $1,000,000.00 or whatever greater or lesser sum of money may be received through the portion of the Hotel/Motel Excise Tax fund allocated to the Columbus/Franklin County Affordable Housing Trust Corporation.
This legislation authorizes and directs the appropriation of $1,000,000.00 from the Hotel/Motel Excise Tax fund and authorizes an agreement with the Columbus/Franklin County Affordable Housing Trust Corporation.
This legislation is presented as an emergency because of the need to continue program services without interruption.
FISCAL IMPACT: The $1,000,000.00 (or greater or lesser sum as set forth in the Background) annual contribution comes from the hotel/motel excise tax receipts. $200,000 will be used to defray the 2005 operating expenses of the corporation.
Title
To authorize and direct the appropriation of $1,000,000.00 (or greater or lesser sum as set forth in the Background) from the Hotel/Motel Excise Tax fund; to authorize the Director of the Development Department to enter into a contract with the Columbus/Franklin County Affordable Housing Trust Corporation; to authorize the expenditure of $1,000,000 in accordance with the agreement between the City and the Corporation regarding the use of said funds in order to facilitate the production of affordable housing and enhance home ownership opportunities in Columbus; and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, the Mayor commissioned a Columbus Housing Task Force (Task Force) in May 2000 to design the City's first housing trust fund and to recommend a stru...
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