Explanation
BACKGROUND: This ordinance authorizes the expenditure of $135,651.07 of HOME funds within the HOME Investment Partnerships Program for the Department of Development. The funds will assist first-time homebuyers, for-profit and non-profit organizations with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low and moderate income families. The funds will be allocated to the Affordable Housing Opportunity Fund and the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO).
Funds are available due to canceled housing projects. Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: $135,651.07 will be expended from the HOME Fund.
Title
To authorize the Director of the Department of Development to assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through various approved programs for low and moderate income households; to authorize the expenditure of $135,651.07 from the HOME Fund; and to declare an emergency. ($135,651.07)
Body
WHEREAS, this ordinance authorizes the expenditure of $135,651.07 of HOME funds within the HOME Investment Partnerships Program for the Department of Development; and
WHEREAS, HOME funds will be used to assist first-time homebuyers, for-profit and non-profit organizations with grants and no or low interest loans for projects designed to increase and preserve the local supply of decent, safe, sanitary, and affordable housing for low income families; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to expend said funds to allow for continuation of vital program services without interruption, thereby preserving the public health, peace, property, safety, and welfare; 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 authorized to assist first time homebuyers, for-profit and non-profit developers with grants or no or low interest loans through programs and projects designed to increase, preserve and provide access to the local supply of decent, safe, sanitary, and affordable housing for low and moderate income households.
SECTION 2. That for the purpose stated in Section 1, the expenditure of $135,651.07 or so much thereof as may be needed, is hereby authorized in Fund 2201 HOME Program Entitlement in Object Class 05 Contractual Services per the accounting codes in the attachment to this ordinance
SECTION 3. 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 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.