Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $350,000 for the Home Again North of Broad initiative from Housing Preservation Fund 782. The funds will assist non profits and for profit housing developers with grants for projects designed to redevelop residential homes and residential properties in the North of Broad area on the near east side of Columbus. These properties will be made available as for sale as homeownership opportunities or for short term lease purchase. This initiative will increase and preserve the local supply of decent, safe, and sanitary housing including both affordable and market rate housing in the North of Broad area. All homes will be located the City of Columbus' Neighborhood Investment District B, North of Broad. This makes each home eligible for residential tax abatement on any new assessed property values determined by the County Auditor.
This legislation is submitted as an emergency to allow the program's activities to begin immediately.
FISCAL IMPACT: $350,000 in funding is available and will be expended from the Housing Preservation Fund 782 of the 2012 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to make financial assistance available through the Home Again North of Broad Initiative administered by the Housing Division and awarded as grants to homebuyers, for-profit and non-profit organizations; to authorize the expenditure of $350,000.00 from the 2012 Housing Preservation Fund; and to declare an emergency. ($350,000.00)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Housing Preservation Fund to assist homebuyers, non profits and for profit housing developers with grants for projects designed to redevelop residential homes and residential properties in the North of Broad area on the near east side of Columbus.; and
WHEREAS, these properties will be made available as for sale as homeownership oppor...
Click here for full text