Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2012 HOME funds and also HOME Program income within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first time homebuyers, for-profit and non-profit organizations 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 and moderate income families. This ordinance is in accordance with the 2010-2014 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD).
The funds will be allocated as follows: $2,023,225.80 for the Affordable Housing Opportunity Fund, $474,262.65 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), $158,087.55 for CHDO operating set-aside, $325,000 for Tenant-based Rental Assistance grants, and $331,175 for HOME administration.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: The City of Columbus is has been awarded $3,161,751 by the United States Department of Housing and Urban Development (HUD) in Fiscal Year 2012 to fund various housing assistance activities under the HOME Investment Partnerships Act. In addition, the City of Columbus has generated $150,000 of HOME program income that is required to be used for HOME-eligible activities. This ordinance requests the appropriation of $3,311,751 and the expenditure of $2,497,488.45 from the FY 2012 HOME Investment Partnerships Program. Separate ordinances will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($158,087.55) and for Tenant-based Rental Assistance grants ($325,000).
Title
To authorize the appropriation of $3,311,751.00 from the HOME Fund to the Department of Development; to authorize the expenditure of $2,497,488.45 from the HOME Fund to pr...
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