A RESOLUTION TO AUTHORIZE THE COUNTY ADMINISTRATOR TO SUBMIT AND REVISED PROGRAM INCOME PLAN FOR THE COMMUNITY DEVELOPMENT BOTHA VILLAGE PROJECT
WHEREAS, Fauquier County previously received Community Development Block Grant funds that were used to construct the subdivision infrastructure for the Botha Village; and
WHEREAS, agreements with residents stipulate that these funds will be repaid on a pro-rata basis if the loan is terminated; and
WHEREAS, Fauquier County has received funds as a result of the termination of a loan that now requires the approval of a Program Income Plan and that these proceeds be used in a manner consistent with the Grant guidelines; and
WHEREAS, the Program Income Plan allocates this funding to Fauquier Housing Corporation as a loan to be used to expand the supply of affordable housing; now, therefore, be it
RESOLVED by the Fauquier County Board of Supervisors this 11th day of May 2006, That the Botha Village Program Income Plan be, and is hereby, approved; and, be it
RESOLVED FURTHER, that the County Administrator be, and is hereby, authorized to execute this plan; and, be it
RESOLVED FINALLY, that these funds shall be loaned to the Fauquier Housing Corporation to augment the Revolving Loan Fund used for the development of affordable housing units.