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To amend Ord. No. 2022-104, adopted April 25, 2022, which authorized the Chief Administrative Officer to issue grants, loans, or a combination thereof from the City’s 1st Tranche of American Rescue Plan Act of 2021 funds to certain entities in designated amounts and authorized the Chief Administrative Officer, for and on behalf of the City, to execute all necessary documents to affect such issuance for the purpose of financing the construction and preservation of single-family and multifamily dwellings, to provide for a revised list of entities eligible for the issuance of such grants, loans, or a combination thereof.
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I. That Ordinance No. 2022-104, adopted April 25, 2022, be and is hereby amended and reordained as follows:
WHEREAS, section 15.2-958 of the Code of Virginia (1950), as amended, provides that the “governing body of an 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 the Council desires to make such grants or loans to owners of residential rental property and to the City’s land bank entity pursuant to section 15.2-7509 of the Code of Virginia (1950), as amended; and
WHEREAS, the City has determined to issue grants, loans, or a combination thereof from the City’s 1st Tranche of funds received pursuant to the American Rescue Plan Act of 2021, H.R. 1319, 117th Cong., 1st Sess. (2021-2022), to certain entities in designated amounts to finance the construction and preservation of single-family and multifamily dwellings as set forth in the document entitled “Amended Attachment A2 - Recommendation for ARPA Funding Awards,” a copy of which is attached to and incorporated into this amendatory ordinance;
NOW, THEREFORE,
THE CITY OF RICHMOND HEREBY 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 grants, loans, or a combination thereof from the City’s 1st Tranche of funds received pursuant to the American Rescue Plan Act of 2021, H.R. 1319, 117th Cong., 1st Sess. (2021-2022) to the entities designated in the column entitled [“Project Sponsor”] “Award Recipient” in the aggregate amounts designated in the column entitled “Recommended Award Amount” in the document entitled “Amended Attachment A2 - Recommendation for ARPA Funding Awards,” a copy of which is attached to and incorporated into this amendatory ordinance, for the purpose of financing the construction and preservation of single-family and multifamily dwellings.
§ 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 grants, loans, or a combination thereof from the City’s 1st Tranche of funds received pursuant to the American Rescue Plan Act of 2021, H.R. 1319, 117th Cong., 1st Sess. (2021-2022) authorized pursuant to section 1 of this ordinance and as set forth in the document entitled “Amended Attachment A2 - Recommendation for ARPA Funding Awards,” a copy of which is attached to and incorporated into this amendatory ordinance, for the purpose of financing the construction and preservation of single-family and multifamily dwellings in accordance with sections 15.2-958 and 15.2-7509 of the Code of Virginia (1950), as amended.
§ 3. This ordinance is in force and effect upon adoption.
II. This amendatory ordinance shall be in force and effect upon adoption.