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2 <br />II. Add a section to G.S. 153A-48(c) which would allow property taxes to be used to undertake <br />housing programs for low and moderate income persons. <br />Staff Response: G.S. 153A-48 (c) outlines the authorized uses of property tax revenue and does not <br />include housing as an authorized use. However, it does not prohibit the use of other county revenue <br />for housing purposes. <br />III.. Revise G.S. 159-48 (c) to give counties the authority to issue bonds for housing purposes <br />Staff Response: This power is akeady granted to the County under Chapter 157 (Housing <br />Authorities) of the General Statues. <br />As additional information, attached is a summary of past affordable housing initiatives in the <br />County for the time period 1988-1998. These efforts represent approximately $37 million dollars <br />invested in affordable housing. Of this total, approximately 61 percent has come from federal and <br />state funds; 34 percent from private investment, and five (5) percent from local dollars. <br />Further, it should also be noted that the County Zoning Ordinance is also available as a tool for <br />promoting housing affordability. A density bonus enacted in 1990 allows up to a 50% increase in <br />density for .developments that aze affordable to low and moderate income households. In addition, <br />manufactured housing and modulaz housing,. which is a ongoing source of affordable housing, is <br />allowable in all residentially zoned areas in the County. <br />FINANCIAL IMPACT: <br />Should the Boazd pass this resolution and the legislation is passed by the General Assembly, future <br />financial impact would be determined by future budgetary actions by the Board of County <br />Commissioners. <br />RECOMMENDATION(S): <br />The Manager has not found compelling reasons to adopt a Resolution of Support for Senate Bill <br />708; however, if the Board wishes to proceed with adoption, a resolution is attached. <br />