Amending Resolution No. 070405, approving the annual Program Statement and Budget for the expenditure of the Neighborhood Transformation Initiative (NTI) Bond Proceeds for Fiscal Year 2008.

WHEREAS, Pursuant to Bill No. 010694, as amended by Bill No. 020036, Council must approve, by resolution, an annual Program Statement and Budget for the expenditure of proceeds of Neighborhood Transformation Initiative Bonds; and

WHEREAS, Council approved the annual Program Statement and Budget for Fiscal Year 2008; and

WHEREAS, The Basic Systems Repair Program is a vital program for City residents that provides major housing repairs for owner-occupied properties, and Council wishes to make additional funds available for that Program in the 4th Councilmanic District; now, therefore,

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA,

THAT Section 1 of Resolution No. 070405 is hereby amended, as follows:

Section 1. The annual Program State and Budget for the expenditure of the Neighborhood Transformation Initiative (NTI) Bond Proceeds for Fiscal Year 2008, attached hereto as “Exhibit A,” is hereby approved, subject to the following changes:

$2,200,000

included in Exhibit A for acquisitions in the 4th Councilmanic District and $400,000 included in Exhibit A for vacant property stabilization in the 4th Councilmanic District (for a total of

$1,300,000

$2,600,000

) shall instead be budgeted for the Basic Systems Repair Program, and shall be made available only for eligible homeowners who reside within the 4th Councilmanic District.

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