Explanation
BACKGROUND: The Housing Works Program was established in 2014. The program provides financial support for the development and redevelopment of housing for people working near major job centers that cannot afford market rate units. Funding for the program is provided through the City’s Capital Budget and consists of $1 million for the first year and a commitment of two million annually for five years. Grants made from the program will help to reduce developer costs paid per unit.
This ordinance authorizes the expenditure of $1,000,000 from the Development Taxable Bond Fund for the Housing Works Program.
FISCAL IMPACT: $1,000,000 will be expended from the Development Taxable Bond Fund.
Title
To authorize the Director of the Department of Development to provide grant assistance under the Housing Works Program; to authorize the expenditure of $1,000,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, the Housing Works Program was established in 2014 to provide financial assistance for the development and redevelopment of housing for people working in major job centers that cannot afford market rate units; and
WHEREAS, $1 million in funding is available within the Capital Improvements Budget for the purpose of providing grants in support of the Housing Works Program; and
WHEREAS, this ordinance authorizes the expenditure of $1,000,000 from the Development Taxable Bond Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to provide grant assistance under the Housing Works Program in order to facilitate the timely development of affordable housing necessary for the preservation of the public health, peace, property and safety; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is hereby authori...
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