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3 <br />the commercial market is higher, and if the tax rate is cut the benefit is to commercial <br />property owners. <br /> <br /> Mr. O’Connell said that the Homestead Act must pass the 2008 General <br />Assembly for a second time, then it will go on the ballot for a referendum in 2008. He <br />said it could have a pretty dramatic impact on the City’s 09/10 budget. He said we need <br />to watch it closely to see the implications. He noted that it will be an option for localities. <br /> <br /> Responding to a question from Mr. Norris, Mr. O’Connell said he understands <br />that the Affordable Housing Committee is looking at the issue of incentives for <br />developers who provide affordable housing. <br /> <br /> Mr. Norris asked about the status of the rehabilitation funds for AHIP. <br /> <br /> Ms. Amy Kilroy said that there was a meeting with AHIP and Charlottesville <br />Redevelopment and Housing Authority, and if Council is amenable to reinstating the <br />administration funding for AHIP, they can apply for CAHIP money to do more work. <br /> <br /> Dr. Brown said he would like to discuss the matter and determine what is <br />different from when staff made its original recommendation not to provide the <br />administration funds to AHIP. <br /> <br /> The meeting was adjourned. <br /> <br />_____________________________ _____________________________ <br />President Clerk <br /> <br /> <br /> <br />