ORDINANCE NO. O98-1283
AN ORDINANCE APPROVING THE REDIRECTION OF $500,000 OF INCOME IN THE CAPITOL MALL URBAN DEVELOPMENT ACTION GRANT (UDAG) FROM ECONOMIC DEVELOPMENT ACTIVITIES TO AFFORDABLE HOUSING ACTIVITIES.
WHEREAS, by Ordinance No. 090-112, the Metropolitan Council allocated in equal proportions payments received in connection with the Capitol Mall Urban Development Action Grant (UDAG) to two activities, affordable housing and economic development, 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 is undertaking the HOPE VI affordable housing initiative in the Vine Hill area; and
WHEREAS, the demand for funds from the affordable housing portion of the UDAG has exceeded those for economic development; and
WHEREAS, the federally funded HOPE VI program meets the requirements of the UDAG Pocket of Poverty definitions and is in need of additional matching funds in the amount of $500,000.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE:
SECTION 1. That $500,000 in Urban Development Action Grant repayments be redirected from economic development activities to affordable housing activities and allocated to the Metropolitan Development and Housing Agency to be utilized for the Vine Hill HOPE VI affordable housing program.
SECTION 2. Enactment of this ordinance shall in no way change or alter the equal prorations of future UDAG payments to economic development activities and affordable housing activities.
SECTION 3. This ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County, Tennessee, requiring it.
Sponsored By: Mansfield Douglas & Melvin Black