BY PRESIDENT NESS:
BE IT RESOLVED, that Resolution 05-0269 be amended to read as follows:
BE IT RESOLVED, that, beginning in year 2005, there shall be established a fund known as the housing investment fund (designated by number determined by the director of finance), which fund shall be administered by the administration in compliance with applicable regulations and accounting standards in order to carry out a program of housing improvement in the city, which program shall be managed by the city’s community development division or its successor.
BE IT FURTHER RESOLVED, that, beginning after October 1, 2005, there shall be transferred from the community investment trust fund, established in Section 54(E) of the Charter, to the housing investment fund, at a time or in installments determined by the finance director of the city, the total amount of $600,000 each year for five consecutive years, for a total of five annual transfers, each of $600,000, ending September 30, 2010.
BE IT YET FURTHER RESOLVED, that the establishment of the housing investment fund, and the transfer into it of money, as provided for in this resolution, is conditional upon the council, on or before October 1, 2005, and through the procedures set out in the Charter, including veto and referendum, finally enacting and establishing a program of city-wide housing improvement, which may include provision for grants and loans, which program will be financed in whole or part by the housing investment fund. This program shall be for a public purpose and exist in compliance with all applicable laws and regulations, and be managed by the city’s community development division or its successor.
STATEMENT OF PURPOSE: This resolution changes the schedule of the program, having it begin October 1, 2005, instead of January 1, 2006.