Explanation
BACKGROUND: Ordinance 1609-2008 authorized the expenditure of funds from the Special Income Tax Fund to the Development Revolving Loans/Grants Fund for the purpose of providing assistance to low income homeowners for the operation of various affordable housing programs administered by the Housing Division including homeowner assistance in Neighborhood Pride areas, roof repairs, home maintenance for seniors and accessibility modifications. At this time a balance of $16,596.86 remains in the loan portion of this account.
It has been determined that the City needs to expand the use of funds beyond traditional definitions of low income homeowners to include moderate income homeowners up to 120% AMI as defined by HUD and to include all Housing Division programs. Examples of possible uses include lead abatement for households with a child with an elevated blood lead level and downpayment assistance to a household that does not qualify for traditional assistance due to income limits. All assistance provided with these funds would be loans to the homeowner.
Emergency action is necessary to allow for homeowners in need to be provided with services.
FISCAL IMPACT: This legislation will expand the activities eligible for expenditure. No additional funds are necessary.
Title
To amend Ordinance 1609-2008, passed October 20, 2008, to allow homeowners up to 120% AMI as defined by HUD and expand the services to include all Housing Division programs to participate in the loan portion of this program; and to declare an emergency.
Body
WHEREAS, on October 20, 2008, Columbus City Council passed Ordinance 1609-2008, to expand the allowable uses of the funds to include Home Safe and Sound Program; and
WHEREAS, it has been determined that the City needs to expand the use of funds beyond traditional definitions of low income homeowners to include moderate income homeowners up to 120% AMI as defined by HUD; and
WHEREAS, scope of allowable services also needs t...
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