Explanation
BACKGROUND: This legislation authorizes the expenditure of up to $1,952,000.00 and authorizes the Director of the Department of Development to enter into a contract in an amount of up to $1,952,000.00 with the Affordable Housing Trust for Columbus and Franklin County.
The Affordable Housing Trust for Columbus and Franklin County (Housing Trust) combines public and private funding through a variety of sources to support the development of housing within the City. Both rental units and homeownership projects are developed.
In 2020, the City will commit its annual contribution of the hotel/motel tax receipts to the Housing Trust at an estimated $1,952,000.00 or whatever greater or lesser sum of money may be received through the portion of the Hotel/Motel Excise Tax fund allocated to the Housing Trust. The amount is based on 0.43% in relation to the 5.1 % total city rate.
This legislation is presented as an emergency because of the need to continue program services without interruption.
FISCAL IMPACT: This legislation authorizes and directs the appropriation and expenditure of 0.43% of the combined rates of 5.1% of the Hotel/Motel Excise Tax fund, presently estimated at $1,952,000.00, and authorizes an agreement with the Housing Trust.
Title
To authorize the Director of the Development Department to enter into a contract with the Affordable Housing Trust for Columbus and Franklin County to facilitate the production of affordable housing and enhance home ownership opportunities in Columbus; to authorize the expenditure of 0.43% (presently estimated at $1,952,000.00) of the combined rates of 5.1% of the Hotel/Motel Excise Tax; and to declare an emergency. ($1,952,000.00)
Body
WHEREAS, Mayor Coleman commissioned a Columbus Housing Task Force in May 2000 to design the City’s first housing trust fund and to recommend a structure whereby an Affordable Housing Trust for Columbus and Franklin County could facilitate the production of housing in Col...
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