City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 5, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER/s/
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Consideration of an Addendum to the Proposed City Legislative Package For the 2015 General Assembly Session.
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ISSUE: Council consideration is requested of an addendum item to the proposed City Legislative Package for the 2015 General Assembly Session.
RECOMMENDATION: That City Council receive this additional proposal for the City's 2015 Legislative Package, and include it with the Legislative Package proposals Council previously received for public hearing on Saturday, November 15.
DISCUSSION: The City's proposed 2015 Legislative Package was submitted to Council for the October 28 legislative meeting. At that meeting, Councilman Chapman, with the concurrence of Council, asked that the item below, in support of funding for the Virginia Housing Trust Fund, be added to the proposed Package.
Appropriations for the Virginia Housing Trust Fund. From time to time, the General Assembly has appropriated funds to capitalize a Virginia Housing Trust Fund. The Fund can be used for grants and loans to provide affordable housing.
The most recent major appropriation to this fund was $7 million in FY 2014. These funds came from a one-time source-the National Mortgage Settlement. This was a 2012 court settlement between the nation's five largest mortgage servicing companies, the federal government, and 49 states. The mortgage servicing companies agreed to pay $26 billion to homeowners, the states, and the federal government to make up for mortgage servicing, foreclosure, and bankruptcy abuses for which they were responsible.
Unfortunately, no additional revenue has been appropriated to the Fund in the intervening years.
While the $7 million appropriation has bee...
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