Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Arpa Housing topic
No spam. Unsubscribe anytime.
Council adopts supplemental budget to use ARPA interest for tax payments; city to close Chestnut Street property sale with Habitat for Humanity
Summary
Council adopted a supplemental budget ordinance allocating interest earned on ARPA funds to pay property taxes on properties the city acquired with ARPA funds and staff said the city expects to close on Chestnut Street properties with Habitat for Humanity.
Oxford City Council adopted on second reading an ordinance amending the supplemental budget for fiscal year 2025 to make supplemental appropriations. Staff said the appropriation will use interest earned on ARPA funds to pay property taxes on properties the city acquired with those funds.
Heidi, the finance staffer presenting the item, said there were no substantive changes to the second-reading version and that the action pays property taxes on properties the city previously purchased with ARPA funds. City Manager Doug Elliott added that staff are planning to close on Chestnut Street properties with Habitat for Humanity on Thursday for construction of 32 townhomes and that he was reviewing closing documents.
The ordinance passed on roll call. Council recorded affirmative votes from Mr. Prithridge; Miss Ragu; Mister Bracken; Mister Smith; Miss Franklin; Miss French; and Mayor Snavely.
Why it matters: using accrued interest on ARPA funds to cover property taxes preserves ARPA principal for programmatic use while meeting tax obligations on properties used for community housing projects. Staff said the Chestnut Street conveyance to Habitat for Humanity advances a planned affordable housing project.
Ending: Staff will complete the Chestnut Street closing and proceed with the planned construction transaction once documents are finalized.
