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25 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO SIGN AN AGREEMENT <br />WITH THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY FOR THE <br />ALLOCATION OF EIGHT HUNDRED FORTY THOUSAND DOLLARS <br />($840,000.00) IN THE URBAN PRESERVATION AND INFILL PROGRAM. <br /> <br /> WHEREAS, the Virginia Housing Development Authority has <br />allocated Eight Hundred Forty Thousand Dollars ($840,000.00) <br />in its Urban Preservation and Infill Program to the City of <br />Portsmouth; and <br /> <br /> WHEREAS, <br />institutions <br />families and <br />in designated <br /> <br />said funds are to be utilized by local lending <br />for the financing of mortgage loans to qualified <br />individuals to purchase single family residences <br />areas of the City of Portsmouth; and <br /> <br /> ~HEREAS, 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 <br />Eight Hundred Forty Thousand Dollars ($840,000.00) in the <br />Urban Preservation and Infill Program for the year 1989. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held March 14, 1989. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />