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90 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO SIGN AN AGREEMENT <br />WITH THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY FOR THE <br />ALLOCATION OF FIVE MILLION DOLLARS ($5,000,000.00) IN THE <br />URBAN PRESERVATION AND INFILL PROGRAM. <br /> <br /> WHEREAS, the Virginia Housing Development Authority has <br />allocated Five Million Dollars ($5,000,000.00) in its Urban <br />Preservation and Infill Program to the City of Portsmouth; and <br /> <br /> WHEREAS, said funds are to be utilized by local lending <br />institutions for the financing of mortgage loans to qualified <br />families and individuals to purchase single family residences <br />in designated areas of the City of Portsmouth; and <br /> <br /> WHEREAS, the Council of the City of Portsmouth deems it <br />to be in the best interest of the City and its citizens to <br />provide such financing arrangements to enable qualified <br />purchasers to acquire single family residences. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that the City Manager be, and he <br />hereby is, authorized to sign an agreement with the Virginia <br />Housing Development Authority for the allocation of Five <br />Million Dollars ($5,000,000.00) in the Urban Preservation and <br />Infill Program for the year 1992-1993. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held September 22, 1992. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />