07-0653R                                                          REPLACEMENT


RESOLUTION REPEALING RESOLUTIONS 05-0269 AND 05-0320 RELATED TO FUNDING THE HOUSING INVESTMENT FUND.

BY COUNCILOR STEWART:

     RESOLVED, that resolutions 05-0269 and 05-0320, which transferred money from the Community Investment Trust Fund 256 to the Housing Investment Fund 266, are repealed in their entirety, and are of no force or effect; provided, however, that funds shall remain in the Housing Investment Fund 266 or shall be transferred from the Community Investment Trust Fund 256 to the Housing Investment Fund 266 in the amount of $656,758 to provide for the remaining $36,758 funding obligation to Neighborhood Housing Services pursuant to Resolution No. 05-0641, the funding obligation to SVCNDA in the amount of $20,000 pursuant to Resolution No. 06-0299, and to provide for the funding obligation to AICHO in the amount of $600,000 pursuant to Resolution No. 07-0619.

     RESOLVED FURTHER, that any funds remaining in the Housing Investment Fund 266, after payment of outstanding obligations in existence at the time this resolution takes effect, shall be transferred to Community Investment Trust Fund 256.


STATEMENT OF PURPOSE:  This resolution ends funding of the housing investment fund and the program of which it is a part, and returns non-obligated funds to the community investment trust fund.