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1� <br />monies in its Housing Loan Trust Fund, said funds having been <br />allocated pursuant to a Town Resolution (hereinafter defined), and to <br />use its best efforts to provide or assist in raising funds for up to <br />13 additional Low- income Houses over the next fiscal year; <br />WHEREAS, the Town wishes to keep the Low- income Houses affordable <br />to future buyers who are Low - income Persons and to make the Low - income <br />Houses increasingly more affordable to Very Low - income Persons by <br />acting as a housing authority pursuant to N.C.G.S. Section 157- 4.1(a) <br />and entering into_ and administering this Agreement and agreements <br />hereinafter described which facilitate the purchase.of the Low - income <br />Houses by future Low- and Very Low- income Persons, and by re- investing <br />a large portion of its Low- income Houses' financing, equity, and <br />appreciation funds (all as hereinafter described) into the Low - income <br />i <br />Houses at resale; <br />WHEREAS, the undertaking described in this Agreement will provide <br />low- and moderately priced housing for Low- and Very Low - income <br />Persons in furtherance Hof the goals of the Town's Community <br />Development Program and its Housing Program; <br />WHEREAS, the Town, through its Town Council, has determined that <br />assisting with the financing and sales of low- and moderately priced <br />housing for Low- and Very Low- income Persons as negotiated by the Town <br />Manager and as described in this Agreement is and will be in the <br />public interest; enhances and will enhance the public health, safety, <br />and welfare; best utilizes and maximizes the Town's available <br />resources; is an appropriate use of the Town's funds described in this <br />Agreement; is in accord with the Resolution; and accordingly should be <br />approved; and <br />- 3 - <br />