City of Cincinnati - File #: 202101049

• File #: 202101049
• Version: 1
• Type: Motion
• Status: Adopted
• File created: 3/12/2021
• In control: Cincinnati City Council
• On agenda: 3/24/2021
• Final action: 3/24/2021
• Title: MOTION, submitted by Councilmember Kearney, WHEREAS it has been determined that the City of Cincinnati is lacking in an estimated 28,000 affordable housing units, and; WHEREAS, the City of Cincinnati established an Affordable Housing Trust Fund in 2018 with $700,000 from the proceeds from the sale of the Norfolk Railroad, and; WHEREAS, the amount currently in the City's Affordable Housing Trust Fund is insufficient to meet the demand for affordable housing in the City of Cincinnati, and; WHEREAS, the City of Cincinnati is to receive $290 million from the American Rescue Plan, President Joe Biden's $1.9 trillion coronavirus stimulus bill; Now, therefore: WE MOVE that the City Administration prepare a REPORT on the feasibility of depositing a total of $50 million from the American Rescue Plan into the City of Cincinnati's Affordable Housing Trust Fund immediately upon receipt of such funds. (STATEMENT ATTACHED).
• Sponsors: Jan-Michele Kearney

Date	Ver.	Action By	Action	Result
3/24/2021	1	Cincinnati City Council	Adopted	Pass
3/22/2021	1	Budget and Finance Committee	Adopt
3/17/2021	1	Cincinnati City Council	Referred to Budget & Finance Committee

title

MOTION, submitted by Councilmember Kearney, WHEREAS it has been determined that the City of Cincinnati is lacking in an estimated 28,000 affordable housing units, and; WHEREAS, the City of Cincinnati established an Affordable Housing Trust Fund in 2018 with $700,000 from the proceeds from the sale of the Norfolk Railroad, and; WHEREAS, the amount currently in the City’s Affordable Housing Trust Fund is insufficient to meet the demand for affordable housing in the City of Cincinnati, and; WHEREAS, the City of Cincinnati is to receive $290 million from the American Rescue Plan, President Joe Biden’s $1.9 trillion coronavirus stimulus bill; Now, therefore: WE MOVE that the City Administration prepare a REPORT on the feasibility of depositing a total of $50 million from the American Rescue Plan into the City of Cincinnati’s Affordable Housing Trust Fund immediately upon receipt of such funds. (STATEMENT ATTACHED).

recommendation

ADOPT