committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 260634
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Sponsor: Mayor Quinton Lucas
COMMITTEE SUBSTITUTE
Accepting recommendations of the Housing Trust Fund Board; reducing an existing appropriation by $16,470,876.00 and appropriating $16,470,876.00 from the previously appropriated fund balance in the Housing Trust Fund; authorizing the Manager of Procurement Services to execute various funding agreements in accordance with this Ordinance; and authorizing the Director of the Housing and Community Development Department to expend up to $16,470,876.00 from funds appropriated in the Housing Trust Fund.
Advance and Do Pass as a Committee Substitute
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WHEREAS, on December 20, 2018, by Committee Substitute for Ordinance No. 180719, the City Council established the Housing Trust Fund to implement neighborhood revitalization, housing development, and preservation projects proposed by the City and in coordination with private developers that are undertaking projects in alignment with the City's Housing policy; and
WHEREAS, on November 4, 2021, by Committee Substitute for Ordinance No. 210873, As Amended, the City Council established the Housing Trust Fund Board to review Housing Trust Fund applications, with reporting requirements, funding allocation direction and prioritization of fund use; and
WHEREAS, Section 2-1693 (C)(3) sets forth following funding minimum allocations in determining awards to applicants:
a) A minimum of 20% of awards shall be made for Affordable Rental Preservation, at or below 30% AMFI;
b) A minimum of 20% of awards shall be made for Affordable Rental Creation, at or below AMFI;
c) A minimum of 10% of awards shall be made to create/support Dedicated Transitional Housing and Permanent Supportive Housing for the Homeless; and
d) A minimum of 10% of awards shall be made for Homeownership support programs and/or retention programs for residents at income levels below 60% AMFI. Programs that provide a path f...
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