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• RESOLUTION <br />APPROVING THE DISTRIBUTION OF HOME FUNDS <br />TO THE ALBEMARLE HOUSING IMPROVEMENT PROGRAM <br />BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that a <br />loan in the amount of approximately $162,750 of the City's HOME funds is hereby <br />approved for the Albemarle Housing Improvement Program ("AHIP"). this loan approval <br />is subject to the following conditions: <br />(1) The loan proceeds will be used by AHIP for the purchase of four properties <br />located in the City at 304 7`h Street, S.W.; 312 7' Street, S.W.; 322 6'/z <br />Street, S.W.; and 219 5`h Street, S.W.; <br />(2) AHIP will repay the loan proceeds to the Thomas Jefferson Home <br />Consortium at the Thomas Jefferson Planning District Commission to be <br />managed under the program income plan upon their receipt of financing <br />from the Virginia Housing Development Authority or other lender, or after <br />eight months from the date of closing, whichever first occurs; and <br />• (3) AHIP will execute all documents necessary to secure the above-described <br />loan in a form approved by the City Attorney. <br />Approved by Council <br />November 16, 1998 <br />lam/ 6 <br />C k of City Council <br />0 <br />