Explanation
BACKGROUND: This legislation authorizes the appropriation and expenditure of $500,000 of Neighborhood Stabilization Program (NSP3) program income 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 City of Columbus receives program income from prior investments of NSP3 funds and has NSP3 funds from various homeownership housing development projects.
This modification to the City's NSP3 budget results in a greater than 20% increase in one activity's original budget (Neighborhood Stabilization Fund). Therefore, since the City considers an increase greater than 20% a substantial change it has submitted to the U.S Department of Housing and Urban Development (HUD) a substantial amendment to the NSP3 plan. A public comment period was conducted per NSP3 guidelines for 15 calendar days.
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made by the City for projects that continue the efforts under the NSP3 Grant Agreement with HUD.
FISCAL IMPACT: This ordinance authorizes the appropriation and expenditure of $500,000. The $500,000 of NSP funds must be expended in the Neighborhood Stabilization Program eligible projects and activities.
Title
To authorize and direct the City Auditor to appropriate $500,000.00 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 $500,000.00 from the General Government Grant Fund; and to declare an emergency. ($500,000.00)
Body
WHEREAS, this legislation authorizes the appropriation of $500,000 of NSP3 Program Income and expenditure of $500,000.00 from the General Govern...
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