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File #: RS2022-1733    Name:
Type: Resolution Status: Passed
File created: 8/26/2022 In control: Affordable Housing Committee
On agenda: 9/6/2022 Final action: 9/20/2022
Title: A resolution authorizing grants not exceeding $74,596.00 from the Barnes Fund for Affordable Housing to Affordable Housing Resources for the express purpose of constructing and rehabilitating affordable or workforce housing.
Sponsors: Kevin Rhoten, Jennifer Gamble, Ginny Welsch, Zulfat Suara, Delishia Porterfield, Kyonzte Toombs
Attachments: 1. Grant Exhibit

title

A resolution authorizing grants not exceeding $74,596.00 from the Barnes Fund for Affordable Housing to Affordable Housing Resources for the express purpose of constructing and rehabilitating affordable or workforce housing.

body

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 Housing Trust Fund Commission voted to distribute the funds to Affordable Housing Resources; 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 $74,596 from the Barnes Fund for Affordable Housing to fund a grant to one nonprofit organization as follows:

 

   Nonprofit

   Amount

Exhibit

Affordable Housing Resources

$74,596

A

 

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 above for the grant amount designated therein, subject to the terms and conditions under which the grant funds are to be spent, attached hereto as Exhibit A and incorporated herein.

Section 3.                      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 authorizes a grant not exceeding $74,596 from the Barnes Fund for Affordable Housing to Affordable Housing Resources for the express purpose of constructing and rehabilitating affordable or workforce housing.

 

The funds will be used for cost overruns associated with the construction of 50 affordable housing units approved by the original contracts authorized by RS2017-965, RS2019-1861, RS2020-239 and RS2021-936. The grant agreement reconfirms the terms and conditions provided for in the original contracts, such as the affordability restrictive covenants. 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. 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.

 

The term of this agreement is 24 months from the execution of the agreement.