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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: September 15, 2009 <br />Action Agend <br />Item No. ~ q <br />SUBJECT: CDBG Pro ram -IDA Pro ram <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) Yes <br />ATTACHMENT(S): <br />Certificate of Completion <br />INFORMATION CONTACT: <br />Tara L. Fikes, 919-245-2490 <br />PURPOSE: To receive public comments prior to official close-out of the County's FY 2005 <br />Individual Development Account (IDA) Program and authorize execution of the Certificate of <br />Completion by the Chair of the Board of Commissioners. <br />BACKGROUND: In 2006, the County received $50,000 in State Community Development <br />Block Grant (CDBG) funds for an IDA Program for first-time homebuyers with incomes below <br />80% of the area median income. Funds from this grant were used to match first-time <br />homebuyer participant's savings for a downpayment to purchase their first home. The match <br />ratio is 2:1. For example, if a participant saved $1,000 toward the down payment on a home, <br />their savings are matched with $1,000 in CDBG funding and $1,000 in local funding equating to <br />a 2:1 match of local savings. The original application proposed serving 20 participants. The <br />grant period officially ended on January 31, 2009 and a summary of the program activities <br />follows. <br />A total of 248 families contacted The Women's Center, program administrator of the IDA <br />Program, expressing interest in the program. During the three (3) year grant term a total of <br />eight (8) families were approved to participate in the program. Of those eight families, four <br />withdrew from the program due to income reductions and the inability to either secure a loan or <br />locate a suitable house. The remaining four (4) families actually purchased a home during this <br />grant acquiring assets totaling $592,000. The table below describes the participant families. <br /> <br /> <br />LOCATION Annual <br />Hshld <br />Income <br />Hshld <br />Size <br /> <br />Income Cate o <br />Household Racial <br />Com osition <br /> <br />Purchase Price <br /> $ <30 < 50 < 60 < 80 An Bk As Hs Wt Oth <br />Hillsborou h 26,261 6 x x $ 150,000 <br />Mebane 22,487 3 x x $ 125,000 <br />Cha el Hill 47,817 4 x x $ 122,500 <br />Carrboro 53,568 4 x x $ 195,000 <br /> <br /> $ 592,500 <br />