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Council revises affordable-housing proceeds policy to prioritize HOME match
Summary
Council declined to adopt the full Special Revenue Fund policy as drafted and instead approved a revision directing proceeds from municipal land sales/leases (when designated by resolution) to be used as the city's contribution for HOME matches; council asked staff to return with clarified language.
After extended debate about sustainability and oversight, Statesville City Council voted to revise the proposed Affordable Housing Special Revenue Fund (SRF) policy so that proceeds from specified land sales or leases would be allocated to the city's HOME-match contribution unless and until the council directs otherwise.
Mr. Pierce presented the SRF policy and explained primary allowable uses: production of affordable housing, rehabilitation, and down-payment assistance; he also described proposed administrative controls…
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