Explanation
BACKGROUND: The City of Columbus has been awarded $23,200,773 of Neighborhood Stabilization Program 2 (NSP2) grant funds under the American Reinvestment and Recovery Act of 2009 (Public Law 111-005) (Recovery Act) from the U.S. Department of Housing and Urban Development (HUD). The funds will provide for the acquisition, rehabilitation, redevelopment or demolition of foreclosed, abandoned and vacant properties in order to stabilize neighborhoods and stem the decline of housing values. This ordinance will authorize and direct the Director of the Department of Development to enter into consortium funding agreements with members of the NSP2 Consortium and will authorize the appropriation and expenditure of $12,083,000. Future ordinances will authorize the appropriation of the remainder of the funds.
The City of Columbus is the Lead Applicant of the NSP 2 Consortium which is an association of seven organizations and government entities formed for the purpose of applying for and implementing NSP2 funds, as well as, pooling their resources and services for achieving a common goal: Creating vital, healthy neighborhoods by implementing strategies that build a stronger housing real-estate market in weak-market areas of Columbus and Franklin County.
Members of the NSP2 Consortium include: The City of Columbus, Franklin County, Affordable Housing Trust of Columbus and Franklin County, Campus Partners, Columbus Housing Partnership, Community Development Collaborative of Greater Columbus, and Habitat for Humanity of Greater Columbus.
It is requested that this legislation be declared an emergency so that the consortium funding agreements can be executed by the HUD imposed January 29, 2009 deadline.
FISCAL IMPACT: This legislation totals $12,083,000 for the 2010 NSP2 Program. Costs will be reimbursed to the City by HUD as expended.
Title
To authorize and direct the Director of the Department of Development to enter into consortium funding ...
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