Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2016 HOME monies 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: $1,920,442 for the Affordable Housing Opportunity Fund, $481,167 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), and $1,723 in additional administration. The funds for CHDO operating grants will be done in a separate ordinance.
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: The City of Columbus has been awarded $3,207,775 by the United States Department of Housing and Urban Development (HUD) in Fiscal Year 2016 (per the HUD website) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $2,563,721 and expenditure of $2,403,332 from the FY 2016 HOME entitlement. A separate ordinance will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($160,389). Ordinance No. 0590-2016, passed April 18, 2016 authorized the appropriation and expenditure of 2016 HOME funds for Tenant-based Rental Assistance grants ($325,000). Ordinance 0991-2016, passed on May 2, 2016 authorized the appropriation of HOME Administration ($319,054).
Title
To authorize the appropriation of $2,563,721.00 from the 2016 HOME Fund to the Department of Development; to authorize the expenditure of $2,403,332.00 from the 2016 HOM...
Click here for full text