Explanation
BACKGROUND: This ordinance authorizes the expenditure of $2,000,000 from the Development Capital Bond Fund for the Housing Works Program. The Housing Works program was established in 2014 and provides financial support for the development and redevelopment of housing for people working near major job centers that cannot afford market rate units. Grants made from the program will help to reduce developer costs paid per unit.
Funding for the program is provided through the City’s Capital Budget and consists of one million dollars for the first year, 2014, and a commitment of two million dollars annually for the remaining five years.
FISCAL IMPACT: $2,000,000 will be expended from the Development Taxable Bond Fund.
Title
To authorize the Director of Development to provide grant assistance under the Housing Works Program supporting development of affordable housing near major job centers; and to authorize the expenditure of $2,000,000.00 from the Development Taxable Bond Fund. ($2,000,000.00)
Body
WHEREAS, the Housing Works Program was establish 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, funding for the program is provided through the City’s Capital Budget and consists of one million dollars for the first year, 2014, and a commitment of two million dollars annually for the remaining five years; and
WHEREAS, grants made from the program will help to reduce developer costs paid per unit; and
WHEREAS, two million dollars in funding is available within the Capital Improvements Budget for the purpose of proving grants in support of the Housing Works Program; and
WHEREAS, this ordinance authorizes the expenditure of $2,000,000 from the Development Taxable Bond Fund; 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 h...
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