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File #: 1723-2019    Version: 1
Type: Ordinance Status: Passed
File created: 6/17/2019 In control: Housing Committee
On agenda: 7/22/2019 Final action: 7/25/2019
Title: To authorize the Director of the Department of Development to make financial assistance available as grants to rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People to increase the local supply of decent, safe, and sanitary rental housing in the South Side neighborhood of Columbus which will decrease the number of vacant properties in the neighborhood; to authorize the expenditure of $1,987,081.03 from the Development Taxable Bond Fund 7739 and the expenditure of $512,918.97 from the Northland and Other Acquisitions Bond Fund 7735; and to declare an emergency. ($2,500,000.00)
Attachments: 1. ORD1723-2019 2019-06-17 Housing South Side Healthy Rentals V2
Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $1,987,081.03 from the Housing Preservation portion of the Development Taxable Bond Fund 7739 and up to $512,918.97 from Housing Preservation portion of the Northland and Other Acquisitions Fund 7735 to increase the local supply of decent, safe, and sanitary housing and decrease the number of vacant properties in the South Side neighborhood. The funds will assist rental projects being developed by HNHF Realty Collaborative and Community Development for All People by providing grants for residential rental projects.

This legislation is submitted as an emergency to allow the program activities to continue without interruption.

FISCAL IMPACT: Cash is available in Fund 7739 Development Taxable Bonds and Fund 7735 Northland and Other Acquisitions Fund of the 2019 Capital Improvements Budget.

Title
To authorize the Director of the Department of Development to make financial assistance available as grants to rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People to increase the local supply of decent, safe, and sanitary rental housing in the South Side neighborhood of Columbus which will decrease the number of vacant properties in the neighborhood; to authorize the expenditure of $1,987,081.03 from the Development Taxable Bond Fund 7739 and the expenditure of $512,918.97 from the Northland and Other Acquisitions Bond Fund 7735; and to declare an emergency. ($2,500,000.00)

Body
WHEREAS, it is necessary to authorize the expenditure of monies from the Housing Preservation Fund to assist affordable rental projects developed or sponsored by HNHF Realty Collaborative and/or Community Development for All People with grants to increase the local supply of decent, safe, and sanitary rental housing in the South Side neighborhood and decrease the number of vacant properties in the neighborhood; and

WHEREAS, the Housing Preservation Fund will...

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