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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 18, 2000 <br />Action Agenda <br />Item No. Q ~ .~ <br />SUBJECT: Scarlette Drive Townhome Project <br />DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/1~ No <br />ATTACHMENT(S): <br />Project Proposal Summary <br />Letter from OCHC <br />Grant Agreement <br />Development Agreement <br />INFORMATION CONTACT: <br />Tara L. Fikes, ext. 2490 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />To approve the allocation of $131,000 in HOME Investment Partnership funds to the Orange <br />Community Housing Corporation in the form of a grant and authorize the County Manager in <br />consultation with the County Attorney to execute a Grant Agreement on behalf of the County. <br />2. To approve the allocation of $140,000 in Housing Bond funds to the Scarlette Drive Townhome <br />Development; the Capital Project Ordinance authorizing the expenditure of $140,000 in housing <br />bond funding; and authorize the County Manager upon the County Attorney's review and <br />approval, to execute a Development Agreement with Orange Community Housing Corporation on <br />behalf of the County. <br />BACKGROUND: <br />The Orange Community Housing Corporation (OCHC) proposes to develop fourteen (14) townhomes on <br />land currently owned by the Town of Chapel Hill at the corner of Legion Road and Scarlette Drive. The <br />townhomes will be available for purchase by families earning less than 80% of the area median income. <br />OCHC is developing this project in conjunction with the Community Land Trust in Orange County and <br />thus, Scarlette Drive will become the first land trust affordable housing project in the County. By <br />retaining ownership in the land and the use of a resale formula, the land trust model is able to keep units <br />permanently affordable. <br />On June 22, 1998, the Board of County Commissioners approved a Development Agreement with the <br />Orange Community Housing Corporation (OCHC) designating HOME funding to assist with new <br />construction activities on Scarl~tte Drive in Chapel Hill. Presently, the HOME Program investment is <br />provided as a deferred loan divided equally by the number of housing units to be produced and structured <br />