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WHEREAS, this Council has previously authorized the expenditure of federal <br />• Innovative Housing Program funds for various housing rehabilitation and <br />housing development programs; and <br />WHEREAS, one of these programs -- the House Bank Program -- has produced <br />or may produce income from the sale or lease of properties which have bene- <br />fited from program expenditures; and <br />WHEREAS, this Council considers it to have been the original intention <br />that said program was established as "revolving" funds, in order that such <br />income might be used for the continuation of the program; now, therefore, be <br />it <br />RESOLVED by the Council of the City of Charlottesville, Virginia, that: <br />1. Income received from the disposition of properties in the <br />aforesaid program shall be credited to the following desig- <br />nated account in the Innovative Housing Program Fund: <br />Rehabilitation for Home <br />Ownership Program 22-72010 <br />and may thereafter be expended for the same purposes and upon the <br />same terms and conditions as funds originally appropriated or <br />allocated to the said program. <br />• 2. The Director of Finance and the Director of Planning and <br />Community Development are hereby authorized and directed to <br />take whatever steps may be necessary, consistent with applicable <br />federal regulations, to implement the intention of Council <br />expressed herein. <br />Atteste: <br />Clerk o unci <br />40 <br />ADOPTED BY COUNCIL <br />APRIL 5, 1982 <br />