Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $1,275,000 for the Home Again Old Oaks initiative from Housing Preservation Fund 782. The funds will assist homebuyers with grants for projects designed to redevelop residential homes and residential properties in the Old Oaks Historic District as homeownership opportunities. This initiative will increase and preserve the local supply of decent, safe, and sanitary housing including both affordable and market rate housing in the Old Oaks neighborhood. All homes will be located in the Old Oaks Historic District. All sites are located in the City of Columbus' Neighborhood Investment District E, South of Main. 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: $1,275,000 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 Old Oaks Initiative administered by the Housing Division and awarded as grants to homebuyers; to authorize the expenditure of $1,275,000.00 from the 2012 Housing Preservation Fund; and to declare an emergency. ($1,275,000.00)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Housing Preservation Fund to assist homebuyers with grants for projects designed to redevelop residential homes and residential properties in the Old Oaks Historic District as homeownership opportunities; and
WHEREAS, this initiative will increase and preserve the local supply of decent, safe, and sanitary housing including both affordable and market rate housing in the Old Oaks neighborhood; and
WHEREAS, all homes will be located in the Old Oaks Historic District...
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