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O
RESOLUTION NO. 9,803
A RESOLUTION TO AMEND THE DEFINITION
OF AFFORDABILITY IN THE CITY'S
CONSOLIDATED PLAN; AND FOR OTHER
PURPOSES.
581
WHEREAS, the City of Little Rock, after following federal
guidelines for the development of a consolidated plan to deal
with various housing programs, has defined affordability to mean
that the rental of units would not exceed 30% of the gross
income of any applicant; and
WHEREAS, after considering the issue at two meetings and
hearing from several persons that this definition is too
restrictive and makes it difficult for LISC and various
community development corporations to develop low to moderate
income housing projects that are financially practicable, a
change in definition is appropriate; and
WHEREAS, federal law requires that such a change occur only
after a public discussion, a 30 -day comment period, and a
submission of the proposed amendment to the U.S. Department of
Housing and Urban Development; and
WHEREAS, the Board has previously designated September 17,
1996, as the date for this public hearing and has advertised
this date.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The definition of affordability in the City's
consolidated plan shall be amended to exclude low income housing
tax credit projects which shall be considered affordable housing
if the project is in compliance with Section 42 of the Internal
Revenue Service Code.
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ADOPTED: September 17, 1996
,AATTT�EST:
`=
ROBBIE °e�-
RANCUUK
CITY CLERK
APPROVED AS TO FORM:
THOMAS M. CARP T
CITY ATTORNEY
APPROVED:
'A � - 6"�lj
r' jYOR