Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of $550,000 of Neighborhood Stabilization Program (NSP3) funds from the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
The $550,000 is from NSP3 program income and is required to be used for Neighborhood Stabilization Program eligible projects and activities only.
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made to start new projects without delay.
FISCAL IMPACT: This ordinance authorizes the appropriation and expenditure of $550,000 from the General Government Grant Fund, Neighborhood Stabilization Program 3 grant.
Title
To authorize the appropriation of $550,000.00 from General Government Grant Fund, Neighborhood Stabilization Program 3 grant, to the Department of Development; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; to authorize the expenditure of $550,000.00 from the General Government Grant Fund; and to declare an emergency. ($550,000.00)
Body
WHEREAS, this legislation authorizes the appropriation of $550,000 of NSP3 Program Income and expenditure of $550,000 from the General Government Grant Fund to provide funding for the Department of Development obligations and expenses relating to the Neighborhood Stabilization Program; and
WHEREAS, the City of Columbus receives program income from prior investments of NSP3 funds and has NSP3 Funds for various homeownership housing development projects. The $550,000 of program income must be expended in Neighborhood Stabilization Program eligible projects and activities; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to appropriat...
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