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• APPROPRIATION <br />$50,000 <br />CRHA - DOWN PAYMENT AND CLOSING COST ASSISTANCE <br />WHEREAS, City Council in a prior year appropriated $200,000 <br />in federal Community Development Block Grant (CDBG) funds to the <br />Charlottesville Redevelopment and Housing Authority (CRHA), which <br />CRHA used to guarantee certain bank loans to Dogwood Housing, <br />Ltd.; and <br />WHEREAS, the guarantees made by CRHA on behalf of Dogwood <br />Housing, Ltd. have been satisfied and released, and CRNA has <br />returned the $200,000 to the City for credit to the CDBG Fund; <br />WHEREAS, CRHA now has requested the reappropriation of a <br />Portion of such CDBG funds to CRHA for funding of a subgrant to <br />Charlottesville Development Corporation to establish a program of <br />deferred loans to low and moderate income home buyers to assist <br />them in making down payments and paying closing costs; and <br />WHEREAS, Council intends that such appropriation shall be <br />• treated as a revolving fund, with revenues accruing to the City's <br />CDBG Fund from the repayment of such deferred loans being <br />automatically reappropriated to CRHA for the same purpose in <br />future years; now therefore be it <br />RESOLVED by the Council of the City of Charlottesville, <br />Virginia that: <br />(1) The sum of $50,000 is hereby appropriated from the <br />unappropriated balance of the CDBG fund to expenditure <br />account 14-42211 to fund a grant to CRHA. <br />(2) CRHA is authorized to make a subgrant of such finds o <br />Charlottesville Development Corporation to fund a program of <br />deferred loans for down payments and closing costs for low <br />and moderate income home purchasers. <br />(3) The terms of such subgrant shall be established by <br />contract among the City, CRHA and Charlottesville <br />Development Corporation, which contract shall be executed <br />by the City Manager on the City's behalf. <br />(4) Such contract shall provide that revenues received by <br />Charlottesville Development Corporation from the repayment of <br />such deferred loans shall be returned to CRHA, which shall <br />• in turn return such funds to the City for credit to the CDBG <br />Fund. <br />