R-21-118
RESOLUTION
ESTABLISHING A HOUSING EXPENDABLE TRUST FUND FUNDED BY
APPROPRIATIONS AND MAKING A SUPPLEMENTAL APPROPRIATION OF
$30,000 INTO THE EXPENDABLE TRUST FUND
CITY OF NASHUA
In the Year Two Thousand and Twenty-One
RESOLVED by the Board of Aldermen of the City of Nashua that pursuant to RSA
31:19-a, the City of Nashua hereby establishes a housing expendable trust fund, funded by
appropriations, that will be used for the foliowing purposes:
e Supporting moderate and lower income housing development with gap financing, for
both renters and owners with a priority on one and two bedroom units
Supporting the preservation of affordable housing units
Supporting a First Time Homebuyer Program
Supporting the creation of new Accessory Dwelling Units
e Educating the public on the need for and benefits of housing
oe 6
The Mayor is appointed as the agent to expend. Any balance remaining in the
expendable trust fund at each fiscal year end will not lapse or be closed out to the Generai Fund,
but will remain in this expendable trust fund.
It is the intention of the City that annual appropriations into this trust fund will be
presented in the annual budget beginning with the proposed FY2022 annual budget, and will
include, but not be limited to, an annual $10,000 per year payment from Nashua Piaza Housing
Associates, LP (“Clocktower”) under an Agreement with the City dated November 25, 1998.
FURTHERMORE, BE IT RESOLVED by the Board of Aldermen of the City of Nashua
to appropriate $30,000 of Fiscal Year 2021 unanticipated revenue from Department #118 “Other
General Government”, Accounting Classification #45 “Miscellaneous Revenue”, Account
#45880 “Revenue from Clocktower” into this new housing expendable trust fund, which
represents a recently received three year payment from Clocktower under the agreement
referenced above.
