Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $635,304 from the General Permanent Improvement Fund 7748 to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties in our neighborhoods. The funds will assist homeowners, homebuyers, renters, for-profit and non-profit developers with deferred loans, grants and the returning of funds for residential projects including both affordable and market rate housing.
This legislation is submitted as an emergency to allow for homeowners in need to be provided with services.
FISCAL IMPACT: Cash is available in the General Permanent Improvement Fund 7748 of the 2018 Capital Improvements Budget.
Title
To authorize the appropriation of $635,304.00 from the General Permanent Improvement Fund; to authorize the Director of the Department of Development to make financial assistance available as loans, grants or returning of funds to homeowners, homebuyers, renters, for-profit and non-profit organizations to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties in our neighborhoods; to authorize the expenditure of $635,304.00 from the General Permanent Improvement Fund; and to declare an emergency. ($635,304.00)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the General Permanent Improvement Fund to assist homeowners, homebuyers, renters, for-profit and non-profit organizations with loans to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties in our neighborhoods; and
WHEREAS, the General Permanent Improvement Fund will assist homeowners, homebuyers, renters, for-profit and non-profit developers with loans for residential projects including both affordable and market rate housing; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division...
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