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A resolution authorizing a grant not exceeding $1,000,000 from the Barnes Fund for Affordable Housing to fund a previously expired grant to Inspiritus, Inc., for the express purpose of constructing and rehabilitating affordable or workforce housing.
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WHEREAS, Section 7-3-314 of the Tennessee Code Annotated states that metropolitan forms of government may provide financial assistance to a nonprofit organization in accordance with the guidelines of the Metropolitan Government; and,
WHEREAS, Section 5.04.070 of the Metropolitan Code of Laws provides that the Metropolitan Council may by Resolution appropriate funds for the financial aid of nonprofit organizations; and,
WHEREAS, pursuant to the regulations and procedures of the Metropolitan Housing Trust Fund Commission, the Metropolitan Trust Fund Commission voted to redistribute funds to Inspiritus, Inc., a non-profit organization whose grant contract had previously expired; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that this grant contract be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. There is hereby appropriated $1,000,000 from the Barnes Fund for Affordable Housing to fund a previously expired grant to the following nonprofit organization as follows:
|
Nonprofit |
Amount |
Project Type |
# of Barnes Fund Homes |
Council District |
Exhibit |
Originally Approved Resolution |
|
Inspiritus, Inc. |
$1,000,000 |
Rental |
80 |
19 |
A |
RS2022-1443 |
Section 2. The Metropolitan Government of Nashville and Davidson County is hereby authorized to enter into a grant contract with the nonprofit organization listed in Section 1 for the grant amount designated therein, subject to the terms and conditions under which the grant funds are to be spent, attached hereto as Exhibits A and incorporated herein.
Section 3. This Resolution shall take effect from and after its adoption, the welfare of the Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution authorizes a grant of $1,000,000 to fund a previously expired grant to Inspiritus, Inc. for the express purpose of constructing and rehabilitating affordable or workforce housing.
The Metropolitan Housing Trust Fund Commission voted to reallocate the unspent funds from Inspiritus, Inc., which were first approved in Resolution No. RS2022-1443. The unspent funds would be reappropriated to Inspiritus, Inc., through a new grant contract.
The grant contract begins on the date of execution of the grant agreement and extends until project completion, but no longer than 24 months.
Tennessee Code Annotated § 7-3-314 authorizes Metro to provide financial assistance to nonprofit organizations. In addition, Section 5.04.070 of the Metropolitan Code of Laws provides that the Council may appropriate funds for the financial aid of nonprofit organizations by resolution.
Per state law and section 5.04.070 of the Metropolitan Code of Laws, adoption of this resolution requires 21 affirmative votes.