Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of FY 2017 HOME grant monies 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. 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 City has been awarded $3,171,753 from the U. S. Department of Housing and Urban Development and has generated $450,000 in program income. Ordinance 0181-2017 allocated $325,000 for Tenant Based Rental Assistance and $300,000 for Administration. The remaining funds will be allocated as follows: $2,300,228 for the Affordable Housing Opportunity Fund, $475,763 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), and $62,175 in additional administration. The $158,587 in 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 a grant in the amount of $3,171,753 by the United States Department of Housing and Urban Development (HUD) in Fiscal Year 2017 (per the HUD website) to fund various housing assistance activities under the HOME Investment Partnerships Act. In addition, the City has generated $450,000 in HOME program income. This ordinance requests the appropriation of $2,996,753 and expenditure of $2,775,991 from the FY 2017 HOME entitlement. A separate ordinance will authorize the expenditure of the remaining HOME funds for CHDO operating grants ($158,587). Ordinance No. 0181-2017, passed February 27, 2017, authorized the appropri...
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