Label
30th (2021) Program Year HOME
Department of Neighborhoods
Rosalyn Clemens (x3647)
(Revised)
Title
Authorizing the revised expenditure of 2021 (30th) Program Year HOME Investment Partnerships Program (HOME) Grant; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance 196-21 authorized the Mayor to accept, deposit, appropriate and expend HOME Grant dollars for the 30th Year pursuant to Schedule A, which allocated $200,000 for the HOME at Last Down Payment Assistance (DPA) Program.
The HOME At Last DPA Program has successfully provided down payment and closing costs assistance to fifty-nine (59) first time homebuyers from June 2019 to October 2021. The Program provides up $9,500 as needed to purchase a home in targeted neighborhood revitalization areas; and up $7,500 as needed in non-targeted areas. Due to the successful marketing of the program and streamlined process, additional HOME funds in the amount of $600,000 is required to fund an additional eighty (80) pending transactions.
The financial impact of this Ordinance is that the additional HOME funds required will be reallocated from the Rental Housing Development line item to the Home at Last Down payment Assistance (DPA) Program line item in Schedule A. The $600,000 reallocation amount was originally earmarked for a rental housing development project that did no move forward to closing in 2021.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. Authorizing the expenditure of the 2021 (30th) Year HOME Grant funds pursuant to the attached revised Schedule A for the purposes stated in Section 2.
SECTION 2. That the Mayor and the Director of Neighborhoods are authorized to enter into any necessary agreements to carry out the HOME at Last DPA Program.
SECTION 3. That the Finance Director is authorized to issue his warrant or warrants in an amount not to exceed $600,000 in payment of all obligations upon presentation of properly approv...
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