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 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 from various homeownership housing development projects. The $500,000.00 of program income funds 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 appropriate and expend said funds so expenditures can be made, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the sum of $500,000.00 is hereby appropriated from the unappropriated balance of the General Government Grant Fund, Fund 220, Grant 441103 and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ending December 31, 2015 to the Department of Development, Division 44-10, Object Level One 05, Object Level Three 5528, OCA Code 441110. That funds are hereby deemed appropriated in an amount not to exceed $500,000.00 as cash is available in the grant.
SECTION 2. That the Director of the Department of Development is hereby authorized to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program.
SECTION 3. That for the purpose as stated in Section 2, the expenditure of $500,000.00 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 220, Grant 441103, Object Level One 05, Object Level Three 5528, OCA Code 441110, as cash becomes available in the grant.
SECTION 4. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.