RES-2007-036 Orange County FY 2007-2008; 2004-2005, 2005-2006 & 2006-2007 Home Program Amend

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;~~s --aOG ~- v3~ 5 -,~ _a/~~ ~4 RESOLUTION AUTHORIZING 7" Fi THE ORANGE COUNTY FY 2007-2008 HOME PROGRAM DESIGN AND FY 2004-2005; 2005-2006: AND 2006-2007 HOME PROGRAM AMENDMENTS BE IT RESOLVED, by the Orange County Board of Commissioners as a member of the Orange County HOME Consortium approve the following activities for the 2007-2008 HOME Program. Homebuver Assistance Funds would be allocated to the Orange Community Housing and Land Trust to assist first time homebuyers earning less than 80 percent of the area median income to purchase two single family homes in Carrboro. Funds would be provided as a grant to the Land Trust. (Requested amount: $140,000) $140,000 Funds would be allocated to Orange County Habitat for Humanity to provide deferred payment zero- interest second mortgages on twelve homes throughout Orange County. Homes would be sold to households earning between 30 percent and 80 percent of the area median income. (Requested amount: $250,000) $250,000 Rental Assistance Funds would be allocated for tenant based rental subsidies in support of the Orange-Person-Chatham Mental Health Agency Homelessness Initiative to provide housing and support services to persons with disabilities who are homeless. The rental subsidy program will be operated like the Section 8 Housing Assistance Program and will be administered by the Orange County Housing and Community Development Department. (Requested amount: $354,240) $ 23,883* *Total amount available with this allocation and prior year re-allocations is $207,910) Operational Support Funds would be allocated to Orange Community Housing and Land Trust as a Community Housing Development Organization for administrative expenses. (Requested amount: $30,000) $ 30,000 New Construction Funds would be allocated to Orange Community Housing and Land Trnst to support aloes-income. housing tax credit application in the Winmore development in Carrboro. Funds would be used to acquire land for this project. The Orange Community Housing and Land Trust would have the option to purchase the units at the end of the tax-credit qualifying period of sixteen years. (Requestedamount: $300~g00) $300,000 ... A.4~.~~4 A.' G ~. f.1., :6 . Ptggrarit r~dminist`ralron' $ 66,122 TOTAL FY 2007-2008 HOME PROGRAM FUNDS $810,005 BE IT FURTHER RESOLVED, that the Orange County Board of Commissioners as a member of the Orange County HOME Consortium approves the following amendment for Fiscal Years 2004, 2005, and 2006 due to changes in project plans. 1. The reallocation of $70,000 in FY 2004 funds to Orange Community Housing and Land Trust for Second Mortgage Assistance in the Winmore subdivision to Homebuyer Assistance in the Culbreth Park and Tandler subdivisions in Chapel Hill. 2. The reallocation of $70,000 in FY 2005 funds to Habitat for Humanity for New Construction for Sunrise Ridge to New Construction for the Purefoy Drive subdivision. 3. The reallocation of $26,000 in FY 2005 funds to Weaver Community Housing Association for rental assistance to a Tenant Based Rental Assistance Program in support of the OPC Mental Health Agency Homelessness Initiative.