Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2008 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. This ordinance is in accordance with Ordinance No. 1581-2007 passed November 16, 2007, 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: $3,338,358 for the Affordable Housing Opportunity Fund, $705,668 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDOs), $235,222 for CHDO operating set-aside, and $470,445 for HOME administration.
Emergency action is requested to proceed with projects that are ready to begin.
FISCAL IMPACT: The City of Columbus is awarded $4,749,693 by the United States Department of Housing and Urban Development (HUD) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $4,749,693 and expenditure of $3,719,026 from the total FY 2008 HOME entitlement of $4,749,693. Separate ordinances will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($235,222) and Tenant-based Rental Assistance grants ($325,000).
Title
To authorize an appropriation of $4,749,693 from the 2008 HOME Fund to the Department of Development; to authorize the expenditure of $3,719,026 from the HOME Fund to provide funding for various approved 2008 programs; and to declare an emergency. ($4,749,693)
Body
WHEREAS, it is necessary to appropriate and expend funds from the unappropriated balance of the 2008 HOME Fund to the Department o...
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