RESOLUTION NO. RS2007-2127
A resolution approving the appropriation of $1,200,000 of income from the Capitol Mall Urban Development Action Grant (UDAG) to the Metropolitan Development and Housing Agency to assist in the financing of additional apartments at the John Henry Hale Hope VI affordable housing program.
Whereas, by Ordinance No. 090-112, the Metropolitan Council allocated such income received in connection with the Capitol Mall Urban Development Action Grant (UDAG) to eligible community and economic development activities, all to be of direct benefit to the residents of the UDAG Pocket of Poverty in accordance with federal regulations; and
Whereas, the Metropolitan Development and Housing Agency (MDHA) has secured $20 million in HOPE VI funds from the U.S. Department of Housing and Urban Development (HUD) to initiate the total revitalization of the John Henry Hale Homes housing development; and
Whereas, MDHA has secured a variety of other funding sources, including both equity and bank debt, to complement the federal HOPE VI funding in order to finance the planned revitalization; and
Whereas, a portion of the original John Henry Hale site has infrastructure in place which can accommodate 28 additional rental apartments which, upon completion, would be eligible for federal operating subsidies; and
Whereas, MDHA has secured a line of credit in the amount of $2,388,000 to finance the majority of the development cost of these proposed additional units; and
Whereas, $1,200,000 in non-federal funds are needed to complete the financing for the proposed apartments; and
Whereas, the John Henry Hale HOPE VI program meets the requirements of the UDAG Pocket of Poverty restrictions and would substantially multiply the impact of the UDAG funds working alone;
NOW, THEREFORE BE IT RESOLVED by the Council of the Metropolitan Government of Nashville and Davidson County:
SECTION 1: That $1,200,000 in Urban Development Action Grant repayments be allocated to the Metropolitan Development and Housing Agency to be utilized to complete the financing of 28 additional rental units at the John Henry Hale HOPE VI affordable housing program.
SECTION 2: 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: Ludye Wallace
|Referred:||Federal Grants Committee|
|Introduced:||August 21, 2007|
|Adopted:||August 21, 2007|
|Approved:||August 23, 2007|