Title
An Ordinance amending Article XLV of the Code of Ordinances to create the Neighborhood Investment Fund, and authorizing the Affordable Housing Governing Board, in collaboration with the Office of Affordable Housing, to manage that fund, and any other funds the Council allocates to affordable housing. [Office of Affordable Housing, McQuady]
Summary
Authorization to amend Article XLV of the Code of Ordinances to create the Neighborhood Investment Fund, and authorizing the Affordable Housing Board, in collaboration with the Office of Affordable Housing, to manage that fund, and any other funds the Council allocates to Affordable Housing. No Budgetary impact. (L0227-23) (McQuady/Lanter)
Budgetary Implications: NO
Advance Document Review:
Law: Yes, Completed by Brittany Smith 2-22-23
Risk Management: N/A
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Body
WHEREAS, the Urban County Council desires to reduce the number of blighted, vacant properties in Fayette County;
WHEREAS, the Urban County Council believes that encouraging private entities to acquire blighted properties to rehabilitate them could increase the availability of housing in Fayette County;
WHEREAS, the Urban County Council believes that the expense of acquiring and rehabilitating blighted properties creates an obstacle for private investment;
WHEREAS, the Urban County Council desires to leverage private investment by loaning money for the purpose of acquiring and rehabilitating these blighted properties;
WHEREAS, the Urban County Council desires that the Affordable Housing Governing Board distribute funds for this purpose, in conformity with parameters the Board shall approve and adopt, to ensure that housing remains affordable.
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the above recitals are incorporated herein as if fully state...
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