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478 development of housing for low or moderate income persons, or elderly or handicapped persons; to make grants and loans of funds to low or moderate income persons to aid in the purchase of any land or building in the city including, but not limited to, land and buildings which have been rehabilitated by the city or by a nonprofit or limited profit organization which has its principal purpose the development of housing for low or moderate income persons; and to offer real estate tax deferrals to low or moderate income persons who own any land or buildings described herein. (b) To make grants of funds to owners of dwellings or dwelling units in the city for the purpose of subsidizing, in part, the rental payments due and owing to any such owner by a low or moderate income person; to acquire any dwellings or dwelling units in the city for the purpose of providing housing to low or moderate income persons, and to dispose of such dwellings or dwelling units, by sale or lease, to low or moderate income persons or to a nonprofit organization or limited profit organization which has as its principal purpose the provision or development of housing for low or moderate income persons; to make grants and loans of funds to low and moderate income persons to aid in the purchase of dwellings or dwelling units in the city; and to offer real estate tax deferrals to low or moderate income persons who own a dwelling acquired from the city, a nonprofit organization or a limited profit organization under a program established hereunder. (c) To issue tax-exempt bonds for the acquisition, rehabilitation and provision of housing for low or moderate income persons; provided, that prior to any action authorizing the issuance of such bonds, the city council finds affirmatively that such action is necessary to provide an adequate supply of such housing in the city. For purposes of this section, the phrase, "low or moderate income persons" shall have the same meaning as the phrase "persons and families of low and moderate income," as that phrased is used in the Virginia Housing Development Authority Act, and shall be applied using the income guidelines issued by the Virginia Housing Development Authority for use in its single family mortgage loan program. In addition to being able to exercise the above-mentioned powers with city funds, the city is authorized to participate in any state or federal program related thereto and to use state, federal or private funds in the exercise of such powers. The exercise of any of the powers granted in this section is hereby declared to be a public purpose and public use. BE IT FURTHER RESOLVED that the Clerk of the City Council shall transmit to the City's legislators a certified copy of this resolution, along with (i) a copy of a newspaper publisher's affidavit showing that the public hearing on this matter was advertised and (ii) a certified copy of the Council minutes showing the action taken at the advertised public hearing. PUBLIC HEARING/ORDINANCE: RENEWING LEASE FOR SMITH CENTER BY BOYS AND GIRLS CLUB Mr. Mike Svetz, Director of Parks and Recreation, said this is a simple lease renewal with the Boys and Girls Club for the Smith Center, which they have leased since the early 1990's. He said having the Boys and Girls Club at this location is highly beneficial for the City and they have been a great tenant, investing over $15,000 in the building. Ms. Hamilton said she has personally observed the Boys and Girls Club and feels it is a most successful program. She said she fully supports renewing the lease. The public hearing was opened. Ms. Edie Patterson, a member of the Board of Directors for the Boys and Girls Club, thanked Council for its support in the past. She said Smith Center is located in the midst of the area that best serves kids at risk.