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SWC-~jl 02/18/88 (#22) <br /> <br /> FEB 22 1988 <br /> RESOLUTION NO. RD 88-03 <br />- ORIGINAL <br /> RESOLUTION APPROPRIATING THE SUM OF $50,000 FROM THE <br /> LOW AND MODERATE INCOME HOUSING FUND TO THE <br /> APPROPRIATION HEREBY ESTABLISHED FOR THE PURPOSE OF <br /> INCREASING AND IMPROVING THE SUPPLY OF LOW AND MODERATE <br /> INCOME HOUSING; AND AUTHORIZING GRANT OF $50,000 TO <br /> HUMAN INVESTMENT PROJECT FOR ITS SHARED HOME PROGRAM <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> ACTING AS THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, <br /> AS FOLLOWS: <br /> <br /> 1. The sum of Fifty Thousand and No/100 Dollars <br /> ($50,000.00) is hereby appropriated from unappropriated Low and <br /> Moderate Housing Fund funds to an appropriation hereby <br /> established for the purpose of increasing and improving the <br /> supply of low and moderate income housing. <br /> <br /> 2. The aforementioned sum shall be for expenditure during <br /> the fiscal year July 1, 1987 - June 30, 1988, and shall be in <br /> addition to all sums appropriated for such purpose during the <br /> fiscal year July 1, 1987 June 30, 1988. <br /> <br /> 3. This Agency does hereby authorize a grant in the amount <br /> of $50,000 to the Human Investment Project, Inc. ("HIP") for <br /> expenditure by it towards costs of construction or operation of a <br /> shared living home which it proposes to construct in the City of <br /> Redwood City. The grant hereby given shall be conditioned upon, <br /> and shall not be effective until HIP makes a commitment to the <br /> City of Redwood City that it will construct and operate such a <br /> facility. <br /> <br /> <br />