It is the intent of the city to utilize the proceeds from the repayment of the city loan of Urban Development Action Grant (UDAG) funds to Albuquerque Plaza Partners and El Encanto, Inc. to create a Housing and Neighborhood Economic Development Fund. The Fund income shall be utilized to provide maintenance, rehabilitation and expansion of the housing stock and neighborhood economic development programs for the benefit of low and moderate income residents of the Albuquerque Pocket of Poverty. The dedication of these funds for housing and neighborhood economic development within the Pocket of Poverty will serve to reduce blight and poverty, increase available housing, create jobs and promote small business development to enhance the well-being of low and moderate income residents. This ordinance [i.e., §§ 4-2-2-1 et seq.] is intended to comply with the requirements of the Department of Housing and Urban Development that the repayment of Action Grant funds be used for the direct benefit of low and moderate income residents of the Pocket of Poverty.
('74 Code, § 4-10-2) (Ord. 53-1987)