AN ORDINANCE TO AMEND THE TRANSITIONAL HOUSING PROGRAM PROJECT ORDINANCE (2008-06-25/O-5)
BE IT ORDAINED by the Council of the Town of Chapel Hill that pursuant to Section 13.2 of Chapter 159 of the General Statues of North Carolina, the following budget ordinance is hereby amended.
SECTION I
The project authorized is the Transitional Housing Program for Public Housing Families as approved by the Council on April 23, 2001. The funds are from Program Income.
The Manager of the Town of Chapel Hill is hereby directed to proceed with the project within the rules and regulations of the Program, and the budget contained herein.
The following revenue is available to complete the project:
|
|
Current Budget |
Revised Budget |
|
HOME Program |
$ 285,117 |
$ 285,117 |
|
County Housing Bond |
75,000 |
75,000 |
|
Program Rental Income |
21,042 |
35,464 |
|
*Millhouse Road Rental Income |
0 |
8,750 |
|
Transfer from Housing Loan Trust Fund |
17,500 |
17,500 |
|
|
|
|
|
Total |
$ 398,659 |
$ 421,831 |
*Millhouse Road revenue includes the first six months of FY 09 rental income.
The following amounts are appropriated for the project:
|
|
Current Budget |
Revised Budget |
|
|
|
|
|
Acquisition |
$ 377,617 |
$ 377,617 |
|
Operations |
21,042 |
44,214 |
|
|
|
|
|
Total |
$ 398,659 |
$ 421,831 |
The Business Management Director of the Town of Chapel Hill is hereby directed to maintain within the Project Fund sufficient detailed accounting records to provide the accounting to Orange County as required by the HOME Program.
The Town Manager is directed to report annually on the financial status of the project in Section IV and on the total revenues received.
This the 25th day of June, 2008.