RESOLUTION NO. RS2002-1175

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; and

Whereas, UDAG funds allocated to the Nashville Housing Fund are matched at a minimum of $15 dollars in other funding for every dollar of UDAG funding; and

Whereas, the Nashville Housing Fund as assisted over 1,300 lower income families in becoming homeowners, has provided initial homebuyer counseling to over 4,000 households and has provided financial assistance to construct or rehabilitate over 600 affordable housing units in Nashville.

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: Eileen Beehan, Melvin Black, Chris Ferrell

LEGISLATIVE HISTORY
Referred to:	Federal Grants Review Committee
Introduced:	October 1 , 2002
Adopted:	October 1 , 2002
Approved:	October 3, 2002
By: