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• JOINT RESOLUTION OF CITY COUNCIL AND CHARLOTTESVILLE REDEVELOPMENT AND HOUSING AUTHORITY RELATING TO THE LAND LEASE PROGRAM FOR DEVELOPMENT OF LOW AND MODERATE INCOME HOUSING. WHEREAS, the City of Charlottesville has acquired certain properties for use in a Land Lease Program for the development of low and moderate income housing; and WHEREAS, constitutional provisions have limited the City to a term of forty years, while the Virginia Housing Development Authority (VHDA) would require a sixty year term in order to guarantee permanent purchaser financing of housing units constructed on such leased Lots; and WHEREAS, it is therefore advantageous for the resources of and responsibility for the Land Lease Program to be transferred and assigned by the City to the Charlottesville Redevelopment and Housing Authority, now, therefore, be it: A. Resolved by the Board of Commissioners of the Charlottesville Redevelopment is and Housing Authority that: (1) The Authority accept the conveyance from the City of any properties acquired or designated by the City for use in the Land Lease Program. 0 (2) The Authority accept from the City the transfer of Community Development Block Grant funds designated for use in the Land Lease Program and agree to expend them in accordance with all applicable' federal regulations, in like manner as with other such funds for which the Authority is subgrantee. (3) The Executive Director'be authorized and directed to take any necessary steps to administer such Land Lease Program, to secure bids for the lease and development of -the. land set aside. for such - program, to arrange with VHDA or other enders for permanent purchaser financing,of units constructed for such program, and to cooperate with the.City staff in furthering the',goals of such program. B. Resolved by the Council of the City of Charlottesville: (1) That the Mayor"be authorized toIexecute a deed transferring title to certain lots, acquired or assigned to the Land Lease, Program to the Charlottesville Redevelopment and°Housing Authority;