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To express the Council's intent, to the extent authorized, to appropriate $7,100,000.00 from funds received pursuant to the American Rescue Plan Act of 2021 to the Affordable Housing Trust Fund for Fiscal Year 2021-2022, and to request the Mayor to propose as soon as is practicable such an appropriation.
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WHEREAS, pursuant to section 16-51 of the Code of the City of Richmond (2020), as amended, the Affordable Housing Trust Fund was created for the purpose of "meeting the needs of low and moderate income households in the City by providing loans and grants to for-profit and nonprofit housing developers and organizations for the acquisition, capital and other related costs necessary for the creation of affordable rental and owner-occupied housing in the City;" and
WHEREAS, upon information and belief of the Council, the City anticipates receiving funds pursuant to the American Rescue Plan Act of 2021, H.R. 1319, 117th Cong., 1st Sess. (2021-2022) (the "Act"); and
WHEREAS, the Council believes that it is in the best interests of the City of Richmond that $7,100,000.00 of funds received pursuant to the Act be used to ensure that the City appropriate $10,000,000.00 in the aggregate to the Affordable Housing Trust Fund for the fiscal year commencing July 1, 2021, and ending June 30, 2022;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That, should the American Rescue Plan Act of 2021, H.R. 1319, 117th Cong., 1st Sess. (2021-2022) (the "Act"), and any regulations or rules made pursuant thereto authorize the use of such funds for such purpose and should the Mayor propose an amendment to the annual budget for the fiscal year commencing July 1, 2021, and ending June 30, 2022, to appropriate such funds for such purpose, the Council intends to appropriate funds in the amount of $7,100,000.00 received pursuant to the Act and intends that such funds, to the extent permitted by Chapter 16, Article III of the Code of the C...
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