Explanation
BACKGROUND: In response to the housing mortgage crisis, the city of Columbus was awarded $22,845,495.00 of Neighborhood Stabilization Program (NSP1) grant funds from the U.S. Department of Housing and Urban Development (HUD). The funds provide for the purchase of foreclosed or abandoned properties, as well as the rehabilitation, redevelopment or demolition of these properties in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
Ordinance 1860-2008 adopted the city's Neighborhood Stabilization Program, authorized the filing of the Neighborhood Stabilization Program application with HUD, and made a substantial amendment to the Consolidated Plan's 2008 Action Plan. Ordinance 0007-2009 implemented the NSP1 program by appropriating $19,983,997.00 within the General Government Grants fund to various departments and offices of the government of the City of Columbus. This ordinance will appropriate the balance of the award.
FISCAL IMPACT: This legislation totals $2,861,498.00 for the balance of NSP1 programs. Costs will be reimbursed to the city by HUD as expended.
This legislation is presented as an emergency for the effective continuation of NSP1 programs to address the current mortgage crisis in our city.
Title
To authorize an appropriation of $2,861,498.00 in various divisions and object levels of the General Government Grant Fund to provide funding for approved Neighborhood Stabilization Programs; and to declare an emergency. ($2,861,498.00)
Body
WHEREAS, the city of Columbus has been awarded $22,845,495.00 from the U.S. Department of Housing and Urban Development for the implementation of the Neighborhood Stabilization Program to address the current mortgage crisis; and
WHEREAS, ordinance 1860-2008 adopted the city's Neighborhood Stabilization Program, authorized the filing of the Neighborhood Stabilization Program application with HUD, and made a substantial amendm...
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