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A resolution appropriating $10,000,000 in American Rescue Plan Act funds from Fund #30216 to the Housing Division of the Metropolitan Planning Department to increase homeownership opportunities and housing security for populations with historical barriers and demonstrated inequities in homeownership.
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WHEREAS, on June 15, 2021, the Metropolitan Council passed Resolution RS2021-966, a resolution which accepted grant funds for local government support from the Coronavirus State and Local Fiscal Recovery Funds established by the American Rescue Plan Act of 2021 ("ARP Funds") from the U.S. Department of the Treasury to The Metropolitan Government of Nashville and Davidson County, which was subsequently signed into law by Mayor John Cooper on June 16, 2021; and,
WHEREAS, Resolution RS2021-966 established a COVID-19 Financial Oversight Committee ("the Committee") whose role is to collect, consider, and recommend appropriate uses of the ARP Funds as designated by the Metropolitan Council disbursement plan. The Committee will submit its reports and recommendations to the Mayor, the Director of Finance, and the Metropolitan Council not later than June 30, 2025; and,
WHEREAS, there are federal requirements for use of ARP Funds that require that these funds be expended or obligated on or before December 31, 2024; and,
WHEREAS, the Committee recognizes that opportunities for homeownership for certain populations, such as Black and brown families, are disproportionately limited by market forces, housing discrimination and systemic inequities; and,
WHEREAS, the Committee recognizes that the COVID-19 pandemic's economic impacts have further widened gaps in racial wealth; and,
WHEREAS, in 2021 the Metropolitan Government formed an Affordable Housing Task Force. Building on these findings and recommendations, the Housing Division of the Metropolitan Planning Department ("the Housing Division") targeted four initiatives for transformational impact - (1) pathways ...
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