Minutes 03/14/1989 - Laserfiche WebLink

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383 March 14, 1989 According to VHDA the mortgage funds would be reserved at an interest rate of 9~.~8% (until ~December 14, 1989). The approved lending institutions are Virginia Investment and Mortgage Corporation, and Life Savings Bank. This program has been operated for a number of years by VHDA and serves to fill a financing void ~or first t'ime home buyers. It has ~een increasingly more diffi'cult for first time homeowners to purchase homes, and programs such as this one provide a mechanism to ~sist those who ~could no-t otherwise take the step from renter to homeowner. This program will not require any contribution. - It is required that the City.execute an agreement ~ith VHDA in order for Portsmouth residents to be eligible ~or the funds. Therefore, it is requested that you :authorize me by resolution to enter into an agreement with the Virginia Housing Development Authority for the allocation of funds." Motion of Mr. Simpson and seconded by Mrs. Lucas, the following resolution was adopted, and by the following vote: "A RESOLUTION AUTHORIZING THE CITY MANAGER TO SIGN AN AGREEMENT WITH THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY THE ALLOCATION OF E~GHT HUNDRED FORTY THOUSAND DOLLARS ~$840,000.00) IN THE URBAN PRESERVATION AND INFILL PROGRAM. WHEREASr the Virginia Housing Development Authority has allocated Eight Hundred Forty Thousand Dollars ($840,000.00) its Urban Preservation and Infill Program to the City of Portsmouth~ and in WHEREAS, said funds are to be utilized by local lending institutions for the financing of mortgage ~oans to qualified families and individuals to purchase.single family residences in designated areas of the C~ty~of Portsmouth; and WHEREAS, the Council of the City of Portsmouth deems it to b~ in the best interest of the City and its citizens to provide such financing arrangements to enable qualified purchasers to acquire single family residences... ~ NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Manager be, and he hereby is, authorized to sign an agreement with the Virginia Housing Development Authority~for the alIocation 'of Eight Hundred Forty Thousand Dollars ($840,000.00) in the Urban Preservation and Infill Program for the year 1989." Ayes: Barnes, Corprew, Hawks, Lucas, Simpson, Webb Nays: None 89-108 Letter from the City Manager recommending adoption of a resolution authorizing the City Manager to submit an applicatio] for a Chesapeake Bay Youth.Conservation Corps Gra~t to conduct shoreline clean-up. "The Virginia Department of Conservation and Historic Resources ~s soliciting applications for localities to participate in the Chesapeake Bay Youth Conservation Corps. This Corps is a labor intensive program designed to directly involve Virginia's young people in the interstate efforts to restore the Chesapeake Bay.