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146 <br /> <br />March 27, 1990 <br /> <br />local lending institution to participate in this program, which <br />will facilitate an effective rate of interest of 7% to the <br />homeoWner/borrower. Under this program, a requirement is that <br />these funds be made available to all persons in the City whose <br />income does not exceed 80% of the median income ($27,350 for a <br />family of four) and~that the funds be made.available on a <br />Citywide basis, <br /> <br /> One way,to meet this requirement is for all areas iof the <br />City which are not currently in either a redevelopment or <br />conservation area to be established as a newly created <br />conservation area. ~The attached resolution would direct the <br />Portsmou~ RHdevelopment and Housing Authority to, investigate ~ <br />the feasibility of establishing this neW conservation~i~rea. <br /> <br /> After the Authority completes its study and reports back <br />to City Council, the City Council will need~to hold a public <br />hearing before-any other action is taken. I recommend that the <br />attached resolution be approved by City Council to direct the <br />Authority to undertake this study." <br /> <br /> Motion of Mr. Gray and seconded by Mr. Barnes, the <br />following resolution was adopted on first and final reading and <br />by the following ~ote: <br /> <br /> "A RESOLUTION REQUESTING THAT PORTSMOUTH REDEVELOPMENT AND <br />HOUSING AUTHORITY DETERMINE WHETHER THAT AREA OF THE CITY WHICH <br />IS NOT DESIGNATED AS A CONSERVATION DISTRICT IS ELIGIBLE FOR A <br />CONSERVATION PLAN AS PROVIDED IN SECTION 36-49;1, CODE OF <br />VIRGINIA, 1950, AS AMENDED. <br /> <br /> WHEREAS~ the Council of the City of Portsmouth recogn, izes <br />that certain areas of the City may be eligible for conservation <br />plans as provided in Section 36-49.1, Code of Virginia, 1950, as <br />amended; and <br /> <br /> WHEREAS, ~he Council of the City of Portsmouth deems it to <br />be in the public interest to encourage rehabilitation of housing <br />pursuant to such Conservation plans when applicable; and <br /> <br /> WREREAS, pursuant to Section 36-49.1, Code of~Virginia, <br />1950, as amended, Portsmouth Redevelopment and Housing Authority <br />may be instructed to investigate such areas of the City to <br />determine if such areas are available for a conservation plan, <br />and to prepare such conservation plan. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of PortsmoUth, Virginia, that it is hereby deemed to be <br />appropriate, and in the public interest, to determine whether <br />that area of the City which is not designated as a Conservation <br />District~is eligible for a conservation plan as provided in <br />~36-49~1 of the COd~of Virginia~ 1950, as amended; and <br /> <br /> BE IT FURTHER RESOLVED that the Portsmouth Redevelopment <br />and Housing Authority is hereby directed to investigate this <br />area of the City and prepare a plan for the Conservation of this <br />area to be known as the "Conservation Plan,; and <br /> <br /> BE IT FURTHER RESOLVED that Portsmouth Redevelopment and <br />Housing Authority is further instructed to report its findings <br />and any "conservation plan" to this Council for approval after a <br />public hearing as provided by law." <br /> <br /> Ayes: Barnesl Corprew, Gray, Hawks, Lucas, Simpson~ Webb <br /> Nays: None <br /> <br /> <br />