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To authorize the Chief Administrative Officer to issue a grant, loan, or a combination thereof from the City’s HOME - ARP Special Fund in the amount of $4,964,725.90, and to authorize the Chief Administrative Officer, for and on behalf of the City, to execute all necessary documents to effect such issuance for the purpose of financing the construction of the Rady Street Apartments project.
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WHEREAS, section 15.2-958 of the Code of Virginia (1950), as amended, provides that the “governing body of a locality may provide by ordinance that such locality may make grants or loans to owners of residential rental property occupied, or to be occupied, following rehabilitation or after construction if new, by persons of low and moderate income, for the purpose of rehabilitating or producing such property;” and
WHEREAS, the City has agreed to work collaboratively with the County of Chesterfield and the County of Henrico regarding the local use of one-time HOME Investment Partnerships Program - American Rescue Act Plan funds, also known as “HOME-ARP” funds, for the construction of affordable rental housing for “qualifying individuals” as defined by the United States Department of Housing and Urban Development’s Notice CPD-21-10 and as included preferences and prioritizations of individuals experiencing homelessness as outlined in the City of Richmond’s Amended HOME-ARP Allocation Plan;
NOW, THERFORE,
THE CITY OF RICHMOND HEARBY ORDAINS:
§1. That, subject to any requirements of section 15.2-958 of the Code of Virginia (1950), as amended, the Chief Administrative Officer be and is hereby authorized to issue a grant, loan, or a combination thereof from the City’s HOME - ARP Special Fund to Rady Street Apartments, LLC in the amount of $4,964,725.90 for the construction of the Rady Street Apartments project, as outlined in “Attachment A,” a copy of which is attached to and incorporated into this ordinance, to support the reduction in regional homelessness.
§ 2. The Chief Administrative Officer, for and on behalf of the City of Richmond, be and is hereby authorized to execute all necessary documents, each of which first must be approved as to form by the City Attorney, to effect the issuance of a grant, loan, or a combination thereof from the City’s HOME - ARP Special Fund authorized pursuant to section 1 of this ordinance for the purpose of financing the construction of affordable rental housing for “qualifying individuals” as defined by the United States Department of Housing and Urban Development’s Notice CPD-21-10 and as included preferences and prioritizations of individuals experiencing homelessness as outlined in the City of Richmond’s Amended HOME-ARP Allocation Plan in accordance with sections 15.2-958 and 15.2-7509 of the Code of Virginia (1950), as amended.
§ 3. This ordinance shall be in force and effect upon adoption.