RESOLUTION
           APPROVING AN EXTENSION OF A LOAN AGREEMENT WITH
             DOGWOOD PROPERTIES OF CHARLOTTESVILLE LLC

       WHEREAS on February 1, 2013, the City of Charlottesville approved issuance of an
$850,000 loan to Dogwood Properties of Charlottesville LLC (“Recipient”) to assist with the
purchase of 57 rental units to serve as affordable housing (“Loan Agreement”); and

      WHEREAS City Council previously approved an extension of the Loan Agreement on
October 2, 2017, for a five-year period, and the Loan Agreement is currently set to expire on
October 31, 2022; and

       WHEREAS the Recipient has requested a second extension of the Loan Agreement, for
an additional five-year period; and

        WHEREAS the Recipient proposes to limit any potential rent increases for the unit
located at 306 7 ½ Street Apartment B, and for the unit located at 407 Ridge Street Apartment A,
such that the rents in those two units will not increase more than 4.89% and 3.66%, respectively,
during the period of the requested second five-year extension; and

        WHEREAS in order to collect complete and accurate data regarding the beneficiaries of
funding provided to the Recipient to obtain affordable housing units, the City requires certain
data to be provided by the Recipient; now, therefore

       BE IT RESOLVED by the Council of the City of Charlottesville, Virginia, that an
extension of the Loan Agreement through October 31, 2027 is hereby approved, conditioned
upon the Recipient’s agreement to add the following data points to the annual report submitted
by the Recipient to the City in December of each calendar year, for each of the 57 rental units
subsidized by the Recipient’s Loan Agreement with the City:

           o Race of each member of the household
           o Refugee status of any member of the household

        All other provisions of the Loan Agreement not specifically amended by this Amendment
shall remain in full force and effect and the Loan Agreement with the above-referenced
amendments is hereby ratified and continued in effect. The City Manager is hereby authorized to
execute the amended Loan Agreement on behalf of the City of Charlottesville.