RESOLUTION NO. R98-1164
A RESOLUTION APPROPRIATING $200,000 IN URBAN DEVELOPMENT ACTION GRANT (UDAG) REPAYMENTS TO THE METROPOLITAN DEVELOPMENT AND HOUSING AGENCY FOR USE BY THE NASHVILLE HOUSING FUND.
WHEREAS, by Ordinance No. 090-112, the Metropolitan Council allocated a portion of payments received in connection with the Capitol Mall Urban Development Action Grant(UDAG) to be used to provide affordable housing opportunities for persons residing within the Nashville’s designated Pocket of Poverty; and
WHEREAS, during the Nashville’s Agenda process, Nashvillians identified "affordable, adequate and safe housing" as a fundamental goal for this community; and
WHEREAS, it has been recommended that a flexible local housing fund be established to encourage home ownership and the development of new affordable housing; and
WHEREAS, the Nashville Housing Fund has been chartered as a not-for-profit affiliate of the Metropolitan Development and Housing Agency for the purpose of encouraging the development of new affordable housing opportunities in Metropolitan Nashville, and
WHEREAS, UDAG repayments allocated to the Nashville Housing Fund will be used for programs and policies, such as the downpayment assistance program, established by the Board of Directors of the Nashville Housing Fund; and
WHEREAS, all funds UDAG repayments allocated will be used to support programs designed to increase home ownership opportunities for low and moderate income persons or the development of rental housing for low income persons.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
SECTION 1. That $200,000 in Urban Development Action Grant repayments be allocated to the Metropolitan Development and Housing Agency to be used by the Nashville Housing Fund to provide affordable housing opportunities within Nashville’s designated Pocket of Poverty.
SECTION 2. That UDAG funds so allocated will be used to support programs designed to increase home ownership opportunities for low and moderate income persons or for the development of rental housing for low income persons.
SECTION 3. That this resolution shall take effect from and after its passage, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: Melvin Black & Willis McCallister