A RESOLUTION AUTHORIZING CONVERSION OF $60,000 FROM THE AFFORDABLE HOUSING FUND TO A GRANT TO ORANGE COMMUNITY HOUSING AND LAND TRUST (2009-04-15/R-8)

A RESOLUTION AUTHORIZING CONVERSION OF $60,000 FROM THE AFFORDABLE HOUSING FUND TO A GRANT TO ORANGE COMMUNITY HOUSING AND LAND TRUST (2009-04-15/R-8)

WHEREAS, on April 11, 2007, the Council authorized Orange Community Housing and Land Trust to use of up to $60,000 from the Affordable Housing Fund to purchase a unit at Greenway Condominiums; and

WHEREAS, on April 11, 2007, the Council also authorized an exception to the regulations of the Affordable Housing Fund and extended the term of repayment of the funds to two years, and that in two years, the Land Trust will repay the Town’s loan or request that the Town extend the terms of the loan or request that the funds be converted into a grant; and

WHEREAS, in a letter dated March 30, 2009, Orange Community Housing and Land Trust requested that the Town’s funds be converted into a grant to the Land Trust.

NOW, THEREFORE BE IT RESOLVED that Council authorizes conversion of $60,000 from the Affordable Housing Fund to a grant to Orange Community Housing and Land Trust.

This the 15^th day of April, 2009.