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Charlottesville City Council Resolution Requesting <br />40 The Virginia Housing and Development Authority Executive Director <br />Establish a Land -lease Pilot Program for Single Family <br />Home Ownership in Charlottesville, Virginia <br />Whereas, the Charlottesville City Council recognizes the positive impacts of supporting <br />affordable home ownership opportunities for its citizens and employees as it relates to <br />neighborhood revitalization, neighborhood stabilization, community financial literacy, <br />and community net asset growth, and <br />Whereas, the City Council recognizes the City housing market as it relates to owner <br />occupied housing has shifted dramatically from a stable housing market just a few years <br />ago to a rapid appreciating market over the last 24 months, and <br />Whereas, the City Council recognizes that due to this rapid appreciating housing market, <br />the cost of housing in the City has outpaced wages making it increasingly more difficult <br />for its citizens and employees to own their own homes and live where they work, and <br />Whereas, the City has consistently invested City funds in an effort to support affordable <br />housing development with the intent to produce or preserve affordable housing in <br />strategic areas of�lie City, and <br />• Whereas, the City Council recognizes that individual units targeted as "affordable" as <br />part of any specific project or development may be lost as "affordable" over time due to <br />market conditions and capital gains opportunites, and <br />Whereas, the City Council recognizes there are proven legal techniques restricting <br />capital gains, etc. on the future sales of targeted affordable units, but also understands <br />that the use of land -leases in connection with such targeted affordable units can be used <br />as a means for keeping the targeted affordable units affordable into perpetuity, and <br />therefore <br />Be it resolved, the Charlottesville City Council requests the Virginia Housing and <br />Development Authority Executive Director, Susan Dewey, to consider establishing a <br />pilot program utilizing land -leases along with its below-market financing as a means of <br />providing single family home ownership opportunities for Charlottesville citizens or <br />employees as it relates to targeted "affordable units" in Charlottesville, Virginia during <br />the calendar year 2005. <br />Approved by Council <br />December 6, 2004 <br />i 6 <br />is <br />Cl of City Council <br />