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CL-2527 New Business   Item #: G.       
Meeting Date: 05/04/2021  
Subject:    Creation of a 501(c)(3) Corporation by the Danville Redevelopment and Housing Authority
From: Earl B. Reynolds, Jr.

COUNCIL ACTION
Business Meeting:     05/04/2021
SUMMARY
The Danville Redevelopment and Housing Authority (“DRHA”) is asking City Council to approve a resolution authorizing the DRHA to create a 501(c)(3) corporation which will permit access to grants and other funding sources for resident and youth services including housing education, homeownership assistance, and youth programs offering tutoring, mentoring, college preparation and life coaching. Many of these funding sources are only available to 501(c)(3) tax-exempt organizations. This entity will assist DRHA in carrying out its mission to provide affordable housing opportunities.
BACKGROUND
Pursuant to Section 36-19(12) of the Virginia Housing Authorities Law, Chapter 1, Title 36, Code of Virginia, 1950, as amended, DRHA is authorized to form corporations, partnerships, joint ventures, trusts, or any other legal entity or combination thereof, with approval of the local governing body. On February 25, 2021, the DRHA Board of Commissioners adopted a resolution authorizing the formation of the 501(c)(3) corporation, pending approval by the City Council.
 
RECOMMENDATION
It is recommended that the City Council concur in the formation of the 501(c)(3) corporation for the purposes stated in the attached resolution.

Attachments
Resolution
Letter


    

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