P-0435 - Long Term Housing Affordability Policy

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: April 4, 2000 Action Agenda Item No. q- q r~ • SUBJECT• Long-Term Housing Affordability Policy DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/1~ No ATTACHMENT(S): INFORMATION CONTACT: Tara L. Fikes, ext 2490 Long Term Housing Affordability Policy Letter from EmPOWEIZment, Inc. Comparison Statement TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To approve along-Term Housing Affordability Policy that will ensure long-term housing affordability with County affordable housing projects. BACKGROUND: On December 7, 1999, the County Attorney and the Housing/Community Development Director presented a report regarding long-term housing affordability that included several potential strategies that could be utilized with future County affordable housing projects. Since that time, the Board has indicated an interest in adopting specific strategies for ensuring long-term affordability for the County's programs. The attached Policy includes specific strategies that may be utilized for both rental and owner-occupied affordable housing projects that receive financial contributions from the County. .These strategies are designed to promote the Commissioners' interest in retaining these properties in the County's affordable housing inventory. After the Board's initial discussion, the local non-profit, EmPOWERrrient, Inc., expressed concerns regarding the equity sharing proposal included in the attached Policy. Their concerns are detailed in the attached February 7, 2000 letter. In an effort to illustrate the details of the equity sharing proposals, included with this abstract is a "Comparison Statement" comparing the County's current equity sharing proposal and the one proposed by EmPOWEltment. FINANCIAL IMPACT: None. RECOMMENDATION (S): The Manager recommends approval of the Long Term Housing Affordability Policy.