Laserfiche WebLink
<br />R-09-45 <br /> <br />A RESOLUTION ADOPTING A PROGRAM INCOME PLAN GOVERNING <br />FUNDS GENERATED BY THE CITY'S NEIGHBORHOOD STABILIZATION <br />PLAN. <br /> <br />WHEREAS, the Virginia Department of Housing and Community Development <br />(VDHCD) awarded $2,000,000 to the City of Portsmouth for the purchase and <br />rehabilitation of foreclosed residential properties for resale to income-eligible households <br />through the City's Neighborhood Stabilization Program (NSP); and <br /> <br />WHEREAS, income will be generated as a result of the payment of principal and <br />interest on loans made by the City using NSP funds; and <br /> <br />WHEREAS, the City Council has reviewed the draft Program Income Plan <br />(Exhibit A) prepared by City staff and approves of its contents. <br /> <br />NOW THEREFORE BE IT RESOLVED by the Council of the City of <br />Portsmouth, Virginia that it hereby approves the Program Income Plan contained in <br />Exhibit A, attached hereto and made a part hereof, and directs that the City Manager <br />forward a copy of the Plan and this resolution to the Virginia Department of Housing and <br />Community Development. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on August 25, 2009. <br /> <br />Teste: <br /> <br />City Clerk <br />