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A resolution amending RS2022-1696 to change the date that unobligated funds left in the Affordable Housing Gap Financing (AHGF) program shall be transferred to the Barnes Fund for Affordable Housing.
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WHEREAS, RS2022-1696 ("the Resolution") appropriated $25,000,000 in American Rescue Plan Act (ARPA) funds to the Metropolitan Development and Housing Agency (MDHA) to provide low-cost loans to developers for the addition of deeply affordable housing units, with loan proceeds to be used to address affordable housing and homeless services; and
WHEREAS, Section 3, bullet seven (7) of the Resolution provided that unobligated funds left in the AHGF program as of December 31, 2023, shall be transferred to the Barnes Fund for Affordable Housing; and
WHEREAS, to date, MDHA has obligated $12,438,856.15 of the AHGF funds; And
WHEREAS, MDHA continued to accept applications for the program through November 30, 2023; and
WHEREAS, two (2) new applications were approved, which would obligate an additional
$4,717,062.00, making total obligations of $17,391,771.25; and
WHEREAS, to allow time for these applications to be recommended for approval and funds to be awarded/obligated by MDHA's Board of Commissioners, MDHA desires to change the language of Section 3, bullet 7 to state that un-obligated funds left in the AHGF program after March 31, 2024, be transferred to the Barnes Fund for Affordable Housing; and
WHEREAS, it appears to MDHA that a minimum of $7,607,228.75 in un-obligated funds will be left in the AHGF program after March 31, 2024, and therefore be transferred to the Barnes Fund for Affordable Housing; and
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that this amendment be adopted.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Section 3, Bullet seven (7) of the Resolution RS2022-1696 is deleted in its entirety and re...
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