RESOLUTION NO. RS2004-477
A Resolution appropriating $50,000 from the General Fund of the General Services District and approving a grant to Nashville Housing Fund, Inc., to provide partial funding for its program services.
WHEREAS, Substitute Ordinance No. BL2004-256, the 2004-2005 budget ordinance adopted by the Metropolitan Council, appropriated one hundred thousand dollars ($100,000) as a contribution for Affordable Housing; and
WHEREAS, the Nashville Housing Fund, Inc., provides screening and information to prospective homeowners and provides for free counseling services to get low to moderate income families and individuals started in the homeownership process; and
WHEREAS, T.C.A. § 7-3-314 enables the Metropolitan Government to appropriate funds for the financial aid of a nonprofit organization which is exempt from taxation pursuant to § 501(c)(3) of the Internal Revenue Code of 1954, as amended (sic), provided that such funds appropriated shall be used to promote the general welfare of the residents of Metropolitan Government; and
WHEREAS, Nashville Housing Fund, Inc., is a tax exempt organization under the provisions of § 501(c)(3) of the Internal Revenue Code of 1986, as amended; and
WHEREAS, the funds appropriated herein shall be used to promote the general welfare of the residents of Metropolitan Government; and
WHEREAS, Nashville Housing Fund, Inc., has filed with the Metropolitan Clerk (1) evidence of its tax exempt status under the Internal Revenue Code of 1986, as amended, (2) a statement of the proposed use of the funds and the program that serves the residents of Metropolitan Government, and (3) a copy of an annual audited financial statement.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
SECTION 1. There is hereby appropriated Fifty Thousand Dollars ($50,000) from account number 01101539 “Contribute Affordable Housing” of the General Fund of the General Services District to fund a grant to Nashville Housing Fund, Inc., for the purpose of providing a portion of the funding for its program services.
SECTION 2. The Metropolitan Government is hereby authorized to enter into
a grant agreement with Nashville Housing Fund, Inc., for the amount provided
herein for the purposes stated, and the Metropolitan Mayor is hereby authorized
to execute said grant agreement. Such grant agreement shall be in such form
as required by the Director of Law and of the Director of Finance and shall
specify the terms and conditions under which the grant funds may be expended
and shall contain a requirement that the grantee
shall file with the Director of Finance and with the Metropolitan Clerk a copy of an annual report of its business affairs and transactions and documents relating to the actual expenditures of the funds provided herein. In no event may any funds of the Metropolitan Government appropriated herein and subject to the grant agreement be used for making of loans to any person, firm, or other entity, the use of such funds being limited to normal operating and management expenses of the program.
SECTION 3. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: Diane Neighbors
|Referred:||Budget & Finance
Personnel-Public Information-Human Relations-
|Introduced:||September 21, 2004|
|Adopted:||September 21, 2004|
|Approved:||September 22, 2004|