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12 <br /> <br />A RESOLUTION ENDORSING THE CITY OF PORTSMOUTH'S PARTICIPATION <br />IN THE FEDERAL URBAN HOMESTEADING PROGRAM FOR 1985; AUTHORIZING <br />THE CITY MANAGER TO SUBMIT AN APPLICATION FOR PARTICIPATION <br />IN THE PROGR~3~. <br /> <br /> WHEREAS, under the Housing and Community Development <br />Act of 1974, as amended, financial assistance is available <br />to localities which acquire FHA and VA foreclosed properties <br />under the Urban Homesteading Program; and <br /> <br /> WHEREAS, these properties, once acquired by the City, <br />are made available for "homesteading" bv families who meet <br />specified criteria and agree to make required repairs, live <br />in the home for five f5} years, and repay a low interest <br />Housing and Urban Development Rehabilitation loan; and <br /> <br /> WHEREAS, a public hearing has been held to solicit <br />public comments on the Program. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Portsmouth, Virginia, that it endorses the City's <br />participation in the Federal Urban Homesteading Program for <br />1985 and finds that this program is compatible with the <br />City's housing strategy and would be an asset to the City's <br />efforts to improve its existing housing stock. <br /> <br /> BE IT FURTHER RESOLVED that the City ~4anager be, and he <br />hereby is, authorized to submit an application for the <br />Federal Urban Homesteading Program and to execute any documents <br />as may be required in order to implement the Program. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held January 22, 1985. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />