Agenda - 01-20-2000 - 9g - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: January 18, 2000 Action Agenda Item No. SUBJECT• Community Revitalization Program DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/1S7 No ATTACHMENT(S): INFORMATION CONTACT: Revised Guidelines Taza L. Fikes, ext. 2490 TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To approve revised operational guidelines for the Community Revitalization Loan Program. BACKGROUND: A Community Revitalization Loan Program was created in the 1997-98 Orange County HOME program design to provide funds to assist low/moderate income families purchase existing housing for first-time homeownership. Funds can be used for the acquisition, property rehabilitation, or as direct second mortgage assistance. In late October 1999, approximately two years since inception of the program, the HOME Program Council, comprised of a staff representative from Carrboro, Chapel Hill, Hillsborough, and Orange County, determined the need to re-examine the guidelines for this program to ensure compliance with all federal regulations, smooth program operations, and to incorporate "lessons learned". Specifically, the review would review: rehabilitation costs; property appraisals; property inspections; rehabilitation findings; and environmental requirements. During this review, staff temporarily suspended acceptance of funding requests in order to allow the review to take place without prejudice to any given project. All local non-profit housing organizations were notified of this review and were given the opportunity to provide any suggestions they had regarding the program guidelines. The HOME Program Council has completed its review and developed revised Program Guidelines for the Community Revitalization Loan Program. The revisions define and clarify the following items: Eligible activities; Loan Requirements; Recapture/Resale Provisions; Environmental Requirements; Appraisal requirements; and Submission Requirements. The revisions are indicated in bold print in the guidelines. FINANCIAL IMPACT: A total of $60,000 was allocated in the 1997-98 fiscal yeaz for this program and $210,000 was allocated in the 1998-99 fiscal year. To date, approximately, $242,557 of the HOME dollazs has been expended for this program leaving an available balance of $27,443. Further, this program is also an eligible program activity under the County Housing Bond Program.