Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2014 HOME monies 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: $2,276,087 for the Affordable Housing Opportunity Fund, $513,983 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), $171,327 for CHDO operating set-aside, and $65,155 for HOME administration.
Emergency action is requested to allow for continuation of vital program services without interruption.
FISCAL IMPACT: The City of Columbus has been awarded $3,426,552 by HUD in Fiscal Year 2014 (per the HUD website) to fund various housing assistance activities under the HOME Investment Partnerships Act. In addition, the City has generated $225,000 in HOME program income. This ordinance requests the appropriation of $3,026,552 and expenditure of $2,790,070 from the FY 2014 HOME entitlement. A separate ordinance will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($171,327). Ordinance 0008-2014 passed January 13, 2014, authorized the appropriation and expenditure of 2014 HOME funds for Tenant-based Rental Assistance grants ($325,000) and HOME Administration ($300,000).
Title
To authorize the appropriation of $3,026,552.00 from the 2014 HOME Fund to the Department of Development; to authorize the expenditure of $2,790,070.00 from the 2014 HOME Fund to provide funding for various approved 2014 programs; and to declare an emergency. (...
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