A resolution appropriating $250,000 from the reserve account for affordable housing in the General Fund of the General Services District to the Affordable Housing account in the General Fund of the General Services District for the purpose of funding the Neighborhood Affordable Rental Development program for fiscal year 2000-2001.

WHEREAS, the Metropolitan Council appropriated $1,000,000 in the 2000-2001 General Fund of the General Services District designated as a reserve for affordable housing; and

WHEREAS, the Metropolitan Council has previously appropriated $500,000 for the Homeownership for Metro Employees (HoME) program and $250,000 for the Homeownership Preservation Effort (HoPE) the first two parts of the Mayor's Affordable Housing Initiative; and

WHEREAS, the third part of the Affordable Housing Initiative is to help preserve affordable rental housing housing stock in Nashville; and

WHEREAS, the Metropolitan Council recognizes that it is important to preserve existing housing stock; and

WHEREAS, One or more organizations will be selected through a Request for Proposal to preserve affordable rental housing on property properly zoned for such purpose; and

WHEREAS, Metro Government's cost to fund this program for fiscal year 2000-2001 is $250,000.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE:

Section 1. The Metropolitan Government hereby appropriates $250,000 from the general fund of the General Services District designated as a reserve account for affordable housing to the Affordable Housing account in the general fund of the General Services District for the purpose of providing grants to one or more organizations to preserve affordable rental housing for fiscal year 2000-2001.

Section 2. The Division of Affordable Housing is authorized to select one or more contractors, provided they are selected in accordance with a competitive Request for Proposals through the Division of Purchasing.

Section 3. 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: Howard Gentry, Janis Sontany, Ronnie Greer

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LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Personnel & Housing Committee
Introduced:	March 20 , 2001
Deferred:	March 20, 2001
Adopted:	April 3, 2001
Approved:	April 4, 2001
By: