AN ORDINANCE TO AMEND THE REVOLVING ACQUISITION FUND ORDINANCE TO PROVIDE FUNDS TO PURCHASE PROPERTIES FOR AFFORDABLE HOUSING (2006-11-06/O-1)
BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the Revolving Acquisition Fund Ordinance to provide funds to purchase properties to create permanently affordable homeownership opportunities is hereby amended as follows:
The Revolving Acquisition Fund Ordinance as authorized by the Town Council provides funds to purchase properties to create permanently affordable homeownership opportunities.
The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of these projects within terms of funds appropriated here.
Revenues anticipated to be available to the Town to complete the project are hereby amended as follows:
|
|
Current Budget |
Revised Budget |
|
|
|
|
|
Transfer from Housing Loan Trust Fund |
150,000 |
150,000 |
|
Payment in lieu – Affordable Housing |
0 |
266,500 |
|
Interest |
0 |
16,300 |
|
|
|
|
|
Total |
150,000 |
432,800 |
Amounts appropriated for capital projects are hereby amended as follows:
|
|
Current Budget |
Revised Budget |
|
|
|
|
|
Reserve |
150,000 |
150,000 |
|
Contributions to Agencies |
0 |
282,800 |
|
|
|
|
|
Total |
150,000 |
432,800 |
The Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.
Copies of this projects ordinance shall be entered into the Minutes of the Council and copies shall be filed within five days of adoption with the Town Manager, Finance Director and Town Clerk.
This the 6th day of November, 2006.