Explanation
BACKGROUND: This ordinance authorizes the acceptance, appropriation, and expenditure of FY 2018 HOME 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. Funds will also be used to fund Housing Division staffing costs.
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 $4,323,184 from the U. S. Department of Housing and Urban Development. The funds will be allocated as follows: $3,026,229 for the Affordable Housing Opportunity Program, $648,478 for the HUD required 15% set aside for projects developed by Community Housing Development Organizations (CHDO), and $132,318 for administration. $300,000 was appropriated for administration in advance of receiving the grant under the authority of Ordinance 3079-2018. The appropriation and expenditure of the remaining $216,159 in funds for CHDO operating grants will be done in a separate ordinance (2015-2018).
Emergency action is requested to allow for continuation of services without interruption.
FISCAL IMPACT: The City of Columbus has been awarded $4,323,184 by the United States Department of Housing and Urban Development (HUD) in Fiscal Year 2018 (per the HUD website) to fund various housing assistance activities under the HOME Investment Partnerships Act. This ordinance requests the appropriation of $3,807,025 and expenditure of $3,674,707 from the FY 2018 HOME entitlement. A separate ordinance will authorize the appropriation and expenditure of the remaining HOME funds for CHDO operating grants ($216,159).
Title
To authorize the acceptance of FY 2018 HOME moni...
Click here for full text