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File #: 1837-2021    Version: 1
Type: Ordinance Status: Passed
File created: 6/29/2021 In control: Housing Committee
On agenda: 7/12/2021 Final action: 7/15/2021
Title: To authorize the appropriation and expenditure of up to $40,000.00 of the 2021 HOME Investment Partnerships Program (HOME) entitlement funds; to authorize the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (ADDI) program; and to declare an emergency. ($40,000.00)
Attachments: 1. ORD1837-2021 2021-06-29 Housing ADDI HOME
Explanation
BACKGROUND: This ordinance authorizes the appropriation and expenditure of up to $40,000.00 of the 2021 HOME Investment Partnerships Program (HOME) entitlement funds and authorizes the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (ADDI) program.

The City of Columbus provides down payment assistance of HOME funds to first time homebuyers whose household income is at or below 80% AMI for purchase of a home in the City of Columbus or Columbus City School District. The amount of assistance provided is the lesser of 6% of the purchase price or $5,000.00 and is provided as a forgivable loan. The household must remain in the home for a period of five years for the loan to be forgiven.

Ordinance 0267-2021 encumbered $35,000.00 of HOME funds for this purpose early in the 2021. This ordinance seeks to encumber funds for the remainder of 2021. It is estimated that eight new homebuyers will be assisted with these additional 2021 funds. With these two ordinances, plus funding already encumbered from a prior ordinance, approximately 21 homebuyers will be assisted in fiscal year 2021.

This legislation represents appropriation for the HOME portion of the 2021 Action Plan, per Ordinance 2345-2020.

Emergency action is requested in order to continue services without interruption.

Fiscal Impact: $40,000.00 of 2021 HOME entitlement funds is available in grant G452000 for this program.

Title
To authorize the appropriation and expenditure of up to $40,000.00 of the 2021 HOME Investment Partnerships Program (HOME) entitlement funds; to authorize the Director of the Department of Development to enter into a HOME commitment letter, loan agreement, promissory note, mortgage, and restrictive covenant with individual homebuyers who access the American Dream Downpayment Assistance (A...

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