Consider for approval adopting a resolution establishing an Affordable Housing Fund in the 2020 fiscal year which shall be included in the 2020 Adopted Budget and future budgets as authorized with initial funding to be provided by also amending the Proposed 2020-2025 Capital Improvement Plan to transfer into the newly established Affordable Housing Fund dedicated affordable housing monies currently in CIP Project #4097 Affordable Housing.

RESOLUTION

WHEREAS, the Board of Commissioners is committed to providing additional opportunities for affordable housing in Lower Merion Township; and

WHEREAS, the Township of Lower Merion has monies that have previously been committed to furthering affordable housing priorities and expects additional funding from outside sources that will be committed to affordable housing in the future; and

WHEREAS, the Township desires to create an Affordable Housing Fund which will be a special revenue fund to account for and report on the activities and expenditures related to the Township’s Affordable Housing initiatives.

NOW THEREFORE, the Board of Commissioners of the Township of Lower Merion hereby resolves that the Township shall create an Affordable Housing Fund in the 2020 fiscal year which shall be included in the 2020 Adopted Budget and future budgets as authorized.