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291 <br /> <br />recommended that the appropriation be approved and that <br />staff return to Council with suggestions for guidelines <br />for the program. <br /> <br /> Mr. Barnes noted that the guidelines should include <br />the requierment that the house must be maintained as a <br />residence . <br /> <br /> The $50,000 appropriation for the Downpayment/Closing <br />Cost Assistance Program which was offered at the July 7th <br />meeting was approved by the following vote. Ayes: Mr. <br />Barnes, Mr. Buck, Mrs. Gleason, Dr. Hall, Mr. Towe. Noes: <br />None. <br /> <br /> WHEREAS, City Council in a prior year appropriated <br />$200,000 in federal Community Development Block Grant <br />(CDBG) funds to the Charlottesville Redevelopment and <br />Housing Authority (CRHA), which CRHA used to guarantee <br />certain bank loans to Dogwood Housing, Ltd.; and <br /> <br /> WHEREAS, the guarantees made by CRHA on behalf of <br />Dogwood Housing, Ltd. have been satisfied and released, <br />and CRHA has returned the $200,000 to the City for credit <br />to the CDBG Fund; <br /> <br /> WHEREAS, CRHA now has requested the reappropriation <br />of a portion of such CDBG funds to CRHA for funding of a <br />subgrant to Charlottesville Development Corporation to <br />establish a program of deferred loans to low and moderate <br />income home buyers to assist them in making downpayments <br />and paying closing costs; and <br /> <br /> WHEREAS, Council intends that such appropriation <br />shall be treated as a revolving fund, with revenues <br />accruing to the City's CDBG Fund from the repayment of <br />such deferred loans being automatically reappropriated to <br />CRHA for the same purpose in future years; now, therefore <br />be it <br /> <br /> RESOLVED by the Council of the City of <br />Charlottesville, Virginia that: <br /> <br /> (1) The sum of $50,000 is hereby appropriated from <br />the unappropriated balance of the CDBG fund to expenditure <br />account 14-42211 to fund a grant to CRHA. <br /> <br /> (2) CRHA is authorized to make a subgrant of such <br />funds to Charlottesville Development Corporation to fund a <br />program of deferred loans for downpayments and closing <br />costs for low and moderate income home purchasers. <br /> <br /> (3) The terms of such subgrant shall be established <br />by contract among the City, CRHA and Charlottesville <br />Development Corporation, which contract shall be executed <br />by the City Manager on the City's behalf. <br /> <br /> (4) Such contract shall provide that revenues <br />received by Charlottesville Development Corporation from <br />the repayment of such deferred loans shall be returned to <br />CRHA, which shall in turn return such funds to the City <br />for credit to the CDBG Fund. <br /> <br /> (5) Such funds credited to the CDBG Fund shall be <br />deemed automatically reappropriated to CRHA for the same <br />purposes for which they were originally appropriated. The <br />Director of Finance may establish such regulations and <br />procedures as may be expedient to create this "revolving <br />fund." <br /> <br />APPROPRIATION: $14,672 - SUMMER NUTRITION PROGRAM (2nd reading) <br /> <br /> The $14,672 appropriation for the Summer Nutrition <br />Program which was offered at the July 7th meeting was <br /> <br /> <br />