Laserfiche WebLink
AN ORDINANCE CREATING THE PORTSMOUTH HOUSING DEVELOPMENT <br />BOARD; STATING THE PURPOSE AND THE POWERS OF SUCH BOARD. <br /> <br /> WKEREASs %he Virginia Housing Development Authority <br />Act~ Section 36-5~.24, Code of Virginia, 1950, as amended, <br />et. seq., has provided ~ means to encourage the investment <br />of private capital and stimulate the construction and re- <br />habilitation of residential housing to meet the needs of <br />persons of low and moderate income; to provide construction <br />and mortgage loans and to make provision for the purchase of <br />mortgage loa~s for such persons; and <br /> <br /> WHEREAS, Chapter 508 of the 1978 Ac~s of the General <br />Assembly amended said Virginia Housing Development Authority <br />Act and added an additional section thereto, §36-55.30:1, <br />which permits a qualifying city to request assistance to <br />meet its urban housing needs .upon a deterrmination by said <br />authority that viable private financing is unavailable and <br />that a housing need exists for persons of medi%ml and high <br />income levels in such city; and <br /> <br /> WHEREAS, file City of Portsmouth meets all qualifications <br />set forth in_said Section 36-55.30:1 to request assistance <br />to mee~ its urba~ housing needs f~r persons of medi'um and <br />high i'ncome"levels. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED by the Council of the <br />City of Portsmouth, Virginia: -- <br /> <br /> (1) (a) There is hereby created a board under the <br />name of the Portsmouth Housing Development Board. <br /> <br /> (b) The 'board shall be composed of five (5) persons <br />appointed'by the Council of the City of Portsmouth, consisting <br />of-four ~) persons who are representatives of savings and <br />loans associations, commercial banks and mortgage bankers <br />doing business in the 'City of Portsmouth and a resident of <br />such City appointed from the public at large. Each board <br />member shall be appointed for a term of three (3) years. <br /> <br />[c) The board shall have the following power: <br /> <br />assistance for the <br />of construction in <br /> <br />To review and approve applications for <br />development of high rise or mid-rise type <br />the City of Portsmouth not less than t~enty <br /> <br /> <br />