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A resolution approving the Sixth Amendment to a grant contract for constructing affordable housing approved by RS2017-965 between the Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”), acting by and through the Metropolitan Housing Trust Fund Commission, previously entered into a grant contract with Affordable Housing Resources for the express purpose of constructing affordable housing approved by RS2017-965; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources executed a First Amendment to said grant contract on April 3, 2019, to extend the term of the grant contract, which amendment was approved by RS2019-1655; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources executed a Second Amendment to said grant contract on February 17, 2021, to extend the term of the grant contract, which amendment was approved by RS2021-760; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources executed a Third Amendment to said grant contract on November 17, 2021, to extend the term of the grant contract, which amendment was approved by RS2021-1232; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources executed a Fourth Amendment to said grant contract on November 15, 2022, to extend the term of the grant contract, which amendment was approved by RS2022-1859; and,
WHEREAS, Metro, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources executed a Fifth Amendment to said grant contract on November 22, 2023, to extend the term of the grant contract, which amendment was approved by RS2023-106; and,
WHEREAS, the parties wish to amend this grant contract by extending the term of the contract, a copy of which amendment is attached hereto and incorporated herein; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the amendment to the grant contract be approved.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That this Sixth Amendment to the grant contract for constructing affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Affordable Housing Resources, a copy of which is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is hereby authorized to execute the same.
Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves the sixth amendment to a grant contract between the Metropolitan Housing Trust Fund Commission and Affordable Housing Resources for the construction of affordable housing. The original grant contract, approved by RS2017-965, granted $410,000 from the Barnes Fund for Affordable Housing to Affordable Housing Resources for a 24-month term. The contract was extended five times for a combined 84 months pursuant to RS2019-1855, RS2021-760, RS2021-1232, RS2022-1859, and RS2023-106.
The sixth amendment will extend the term of the grant contract for an additional 12 months for a total term of 96 months. There is no increase in the amount of the grant.