AGENDA #4c
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TO: |
Roger L. Stancil, Town Manager |
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FROM: |
J.B. Culpepper, Planning Director |
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Loryn Clark, Housing and Neighborhood Services Coordinator |
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SUBJECT: |
Amendment to the Revolving Acquisition Fund |
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DATE: |
November 6, 2006 |
The purpose of this memorandum is to amend the budget for the Revolving Acquisition Fund.
Enactment of the attached ordinance would amend the budget for the Revolving Acquisition Fund.
On January 28, 2002, the Council adopted guidelines for a Revolving Acquisition Fund (see Attachment 1). The goal of the Revolving Acquisition Fund, a strategy referred to in the Comprehensive Plan, is to provide funds for local non-profit organizations to purchase properties for the purpose of creating permanently affordable homeownership opportunities.
The Council established the Fund with an initial budget of $150,000 from the Housing Loan Trust Fund. In recent years, the Council has also directed payments-in-lieu of affordable housing to this fund. Approximately $282,800 has been received to date.
In order to use this Fund for eligible projects, it is necessary to amend the budget. Enactment of the attached ordinance would complete this step.
That the Council enact the attached ordinance to amend the budget of the Revolving Acquisition Fund.