Explanation
BACKGROUND: This legislation authorizes the expenditure of $950,000 for the provision of loans and/or grants for projects that preserve and increase the local supply of decent, safe, sanitary and affordable housing for low-income families. The source of funding is the Community Development Block Grant fund awarded to the City by the U.S. Department of Housing and Urban Development (HUD).
The Affordable Housing Opportunity Fund represents the City's commitment to the preservation and production of housing units affordable to very-low, low and moderate-income individuals. Eligible households must meet the HUD income eligibility requirements of 80% AMI or below. Funds will be used to meet the housing needs identified in the Consolidated Plan. Programs include, but are not limited to: the Vacant Property Prevention Program which provides home repair loans to owner occupants and the Home Modification Program which provides grants to make modifications to the homes of persons with disabilities to increase the independent living opportunities in his/her home (both owner-occupied and rental). These programs will operate citywide within Columbus corporate limits.
Emergency action is requested to avoid interruptions in vital program services.
FISCAL IMPACT: Funding is from the 2015 Community Development Block Grant Fund budget.
Title
To authorize the Director of the Department of Development to make loans and grants for operation of the various affordable housing programs administered by the Housing Division under the Affordable Housing Opportunity Program; to authorize the expenditure of $950,000.00 from the Community Development Block Grant Fund; and to declare an emergency. ($950,000.00) AMENDED BY ORD. 2641-2017; PASSED 11/20/2017
Body
WHEREAS, the Department of Development, Housing Division desires to administer an Affordable Housing Opportunity Program; and
WHEREAS, this legislation authorizes the expenditure of $950,000.00 for the provision...
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