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.