CONSENT AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E. Graham, Chairman, Cedar Run District Supervisor

May 11, 2006

Staff Lead:

Department: 

Anthony I. Hooper, Deputy County Administrator

County Administration

Topic: 

A Resolution to Authorize the County Administrator to Submit a Revised Program Income Plan for the Community Development Botha Village Project

Topic Description:

As part of the various agreements associated with the development of the Botha subdivision, there is a requirement that if a homeowner’s loan is closed, then a pro-rata share on the grant funds associated with the construction of the infrastructure are to be repaid to the County.  There is a further grant requirement that these proceeds be used for purposes consistent with the Grant requirements.   

Recently a loan was terminated and funds in the amount of $ 26,000 have been paid to the County as required.  In order to utilize these funds a program income plan must be in place. 

Consistent with the grant requirements, it is recommended that $26,000 be made available to Fauquier Housing Corporation to augment the Fauquier Housing Corporation Revolving Loan Fund that is used for the development of affordable housing opportunities in the County.   

Attached is a program income plan that will be submitted to the Department of Housing and Community Development for their approval.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

The action entails the appropriation of unanticipated grant income.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Budget
Finance  

Attachment: 

Program Income Plan