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. O90-112, 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, the Nashville Housing Fund is a not-for-profit established 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 established by the Board of Directors of the Nashville Housing Fund that are designed to increase home ownership opportunities for low and moderate income persons or for the development of rental housing for low and moderate 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 and moderate 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: Amanda McClendon & Chris Ferrell & Tony Derryberry

LEGISLATIVE HISTORY
Referred to:	Federal Grants Review Committee
Introduced:	July 17, 2001
Adopted:	July 17, 2001
Approved:	July 31, 2001
By: