Legislation # 14-0270 Enactment Number none
Type Resolution - Budget Item Effective Date none
Introduction Date 6/11/2014
Title Resolution Authorizing the Transfer of $250,000 from Capital Project-Short term Capital Initiatives Funds to Capital Projects Non-Departmental-Transfers to Hampton Redevelopment Authority Higher Valued Housing Incentive Grants Program to fund one of the city’s high-valued housing strategic initiatives.
 
Legislation History 14-0270
DateNotice Of ActionDescription
6/11/2014 Adopted - this item was removed from the consent agenda at the request of Councilman Tuck.
6/4/2014 Received By Clerk's Office
 
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Legislation Text 14-0270

 

City of Hampton, Virginia

Resolution - Budget Item

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 14-0270

 

Enactment Number: -

 

Resolution Authorizing the Transfer of $250,000 from Capital Project-Short term Capital Initiatives Funds to Capital Projects Non-Departmental-Transfers to Hampton Redevelopment Authority Higher Valued Housing Incentive Grants Program to fund one of the citys high-valued housing strategic initiatives.

 

WHEREAS, the City of Hampton has established a partnership with the Hampton Redevelopment and Housing Authority (HRHA) to implement housing development strategies identified in the Citys Community Plan and various Master Plans;

 

WHEREAS, Hampton housing profile indicates Hampton has a disproportionate share of higher valued housing in comparison to all of our peer cities in the region;

WHEREAS, the Hampton housing profile also indicates that because Hamptons median housing value continues to be among the lowest in the region, a characteristic that is positive for lower-income households searching for affordable housing and negative for the Citys dependence on residential property taxes as an income source;

 

WHEREAS, Hampton housing profile indicates there is a decreasing amount of high-end and middle-income housing, and there is no suitable housing to retain those upwardly mobile families seeking better housing options and community amenities;

 

WHEREAS, to stem the accumulation of aged and low value housing that directly impacts the citys tax base, there is a need to increase the value and marketability of the citys existing housing stock; and

 

WHEREAS, one of the strategies the City wishes to undertake, via this partnership with HRHA, is the establishment of a high valued housing incentive grant program to encourage home builders and residential developers to choose Hampton for developing and building higher-value housing stock.

 

NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hampton, Virginia that $250,000 be transferred from Capital Project-Short term Capital Initiatives Funds to Capital Projects Non-Departmental-Transfers to Hampton Redevelopment Authority Higher Valued Housing Incentive Grants Program to fund one of the citys high-valued housing strategic initiatives.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on June 11, 2014.

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council