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28 <br /> <br />A RESOLUTION COMMITTING THE CITY OF PORTSMOUTH TO SUBSIDIZE <br />THE COST OF CONSTRUCTION OF NO MORE THAN 90 LOW-INCOME HOUSING <br />UNITS IN THE ABSENCE OF FEDERAL OR OTHER SUBSIDIES, SUCH UNITS <br />TO BE LOCATED WITHIN THE CITY, IN CONSIDERATION OF THE APPROVAL <br />OF THE EFFINGHAM PROJECT, ~A. R-72). <br /> <br /> WHEREAS, the Portsmouth Redevelopment and Housing <br />Authority and the City of Portsmouth, by its City Council, <br />approved on March 12, 1973, a Conservation and Redevelopment <br />Plan for the Effingham Project (Va. R-72), and thereafter ex- <br />ecuted such documents as were necessary to effectuate said pro- <br />ject; and <br /> ?~HEREAS, the City and the Authority have been inform- <br />ed by the Department of Housing and Urban Development that the <br />City must further co~it itself to the subsidizing of the cost <br />of construction of no more than 90 low-income housing units if <br />funds for such subsidy are not forthcoming in any manner from <br />any federal, state or other source in order that the Effingham <br />Project (Va. R-72) might be approved; and <br /> WHEREAS, such subsidized low-income housing units <br /> must be constructed within the corporate limits of the City <br /> of Portsmouth; and <br /> WHEREAS, such subsidized low-income housing units may <br /> be constructed and so subsidized during the life of the project <br /> under any appropriate and feasible development/ownership scheme; <br /> and <br /> <br /> WHEREAS, such low-income housing units shall be sub- <br /> sidized only to the extent that funds for the construction <br /> thereof shall not be forthcoming from any federal, state or <br /> other sources. <br /> <br /> NOW, THEHEFORE, BE IT RESOLVED by the Council of the <br /> City of Portsmouth, Virginia, that it hereby commits itself to <br /> subsidize the construction of no more than 90 low-income housing <br /> units within the corporate limits of the City of Portsmouth dur- <br /> mng the life of the Effingham Project (Va. R-72) under any appro- <br /> priate and feasible development/ownership scheme available only <br /> to the extent that funds for the construction thereof shall not <br /> be forthcoming from any federal, state or other source. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br /> Virginia, at a meeting held April 24, 1973. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />