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low or moderate income persons who own a dwelling acquired from the city, a nonprofit <br />• organization or a limited profit organization under a program established hereunder. <br />(c) To issue tax-exempt bonds for the acquisition, rehabilitation and provision of housing <br />for low or moderate income persons; provided, that prior to any action authorizing the <br />issuance of such bonds, the city council finds affirmatively that such action is necessary <br />to provide an adequate supply of such housing in the city. <br />For purposes of this section, the phrase, "low or moderate income persons" shall have the same <br />meaning as the phrase "persons and families of low and moderate income," as that phrased is <br />used in the Virginia Housing Development Authority Act, and shall be applied using the income <br />guidelines issued by the Virginia Housing Development Authority for use in its single family <br />mortgage loan program. <br />In addition to being able to exercise the above-mentioned powers with city funds, the city is <br />authorized to participate in any state or federal program related thereto and to use state, federal or <br />private funds in the exercise of such powers. <br />The exercise of any of the powers granted in this section is hereby declared to be a public purpose <br />and public use. <br />BE IT FURTHER RESOLVED that the Clerk of the City Council shall transmit to the <br />City's legislators a certified copy of this resolution, along with (i) a copy of a newspaper <br />publisher's affidavit showing that the public hearing on this matter was advertised and (ii) a <br />certified copy of the Council minutes showing the action taken at the advertised public hearing. <br />Approved by Council <br />November 21, 2005 <br />of City Council <br />0 <br />