Explanation
BACKGROUND: This ordinance authorizes the appropriation of a portion of the FY 2007 HOME monies within the HOME Investment Partnerships Program for the Department of Development. Since the federal government has not yet finalized the 2007 funding levels for the HOME Program, an ordinance is needed to appropriate critical components of the program. Specifically, administrative dollars and funding for Tenant Based Rental Assistance (TBRA) activities are immediately needed. This ordinance is in accordance with Ordinance No. 1748-2006 passed November 6, 2006, authorizing the adoption and filing of the Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD).
The funds will be allocated as follows: $325,000 for the Affordable Housing Opportunity Fund - Tenant Based Rental Assistance (TBRA) and $400,000 for HOME administration. It is anticipated that the city of Columbus will receive in excess of $5,000,000 in HOME funding. The balance of the HOME dollars will be requested to be appropriated and expended once the actual allocation amount is received from 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 approximately $5 million by the United States Department of Housing and Urban Development (HUD) to fund various housing assistance activities under the HOME Investment Partnerships Program. This ordinance requests the appropriation of $725,000. Separate ordinances are being submitted for the expenditure of the Tenant Based Rental Assistance ($325,000). In addition, once the allocation amount is received from HUD a request will be made to city council to appropriate and expend the balance of the HOME dollars.
Title
To authorize an appropriation of $725,000 from the HOME Fund to provide funding for various approved 2007 programs; and to declare an emergency. ($725,000)
Body
WHEREA...
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