Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of program income within the HOME Investment Partnerships Program for the Department of Development. The funds will assist 1st 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. This ordinance is in accordance with the 2015-2019 Consolidated Plan and application to the U.S. Department of Housing and Urban Development (HUD). The funds will be allocated as follows: $270,000.00 for the Affordable Housing Opportunity Fund and $30,000.00 for HOME Administration.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: The City of Columbus has generated $300,000.00 of HOME program income that is required to be used for HOME-eligible activities. This ordinance requests the appropriation of $300,000.00 and expenditure of $270,000.00 from program income amounts of $300,000.00.
Title
To authorize the appropriation of $300,000.00 from the 2016 HOME Fund to the Department of Development; to authorize the expenditure of $270,000.00 from the 2016 HOME Fund to provide funding for various approved 2016 programs and provide assistance through grants and loans; and to declare an emergency. ($300,000.00)
Body
WHEREAS, the City of Columbus has generated $300,000 of HOME program income that is required to be used for HOME-eligible activities; and
WHEREAS, it is necessary to appropriate and expend funds from the unappropriated balance of the 2016 HOME Fund to 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 hou...
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