Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $5,600,000.00 from the Development Taxable Bond Fund 7739 to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties in our neighborhoods and authorizes the Director of the Department of Development to enter into a contract with the Affordable Housing Trust of Columbus and Franklin County. The funds will assist homeowners, homebuyers, renters, for-profit and non-profit developers with grants for residential projects including both affordable and market rate housing.
This legislation is submitted as an emergency to allow the program activities to begin as quickly as possible.
FISCAL IMPACT: Cash is available in the Development Taxable Bond Fund 7739 of the 2018 Capital Improvements Budget.
Title
To amend the 2018 Capital Improvement Budget; to authorize the Director of the Department of Development to enter into contract with the Affordable Housing Trust of Columbus and Franklin County as the fiscal agent for the Affordable Housing Alliance of Central Ohio to make financial assistance available as grants 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 City Auditor to transfer cash and appropriation between projects within the Development Taxable Bond Fund; to authorize the expenditure of $5,600,000.00 from the 2018 Development Taxable Bond Fund; and to declare an emergency. ($5,600,000.00)
Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Development Taxable Bond Fund to enter into contract with the Affordable Housing Trust of Columbus and Franklin County as the fiscal agent for the Affordable Housing Alliance of Central Ohio to assist homeowners, homebuyers, renters, for-profit and non-profit organizations with grants to incre...
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