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<br /> <br />._~q,~~,-~ <br /> <br />AN ORDINANCE ACCEPTING PROGRAM INCOME IN THE AMOUNT OF $640,721.22 FROM <br />THE NEIGHBORHOOD STABILIZATION PROGRAM AND APPROPRIATING SAID AMOUNT <br />IN THE FY 2012-13 COMMUNITY PLANNING AND DEVELOPMENT PROGRAM.. <br /> <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br />1. That it hereby accepts the sum of $640,721.22 in program income in the Neighborhood <br />Stabilization Program and appropriates said amount in the FY 2012-13 Community Planning and <br />Development Program. <br /> <br />2. That the funds so appropriated shall be used to purchase and rehabilitate residential properties <br />that have been foreclosed upon, with subsequent sale to qualified purchasers with incomes at or below 120% <br />of area median income. <br /> <br />3. That estimated revenue in the FY 2012-13 Community Planning and Development Program is <br />increased by $640,721.22. <br /> <br />4. That this ordinance shall take effect on the date of its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on August 28, <br /> <br />2012. <br /> <br />Teste: <br /> <br />City Clerk <br />