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Affordable Housing Program <br /> Capital Project Ordinance <br /> Be it ordained by the Orange County Board of County Commissioners that pursuant to Section <br /> 13.2 of Chapter 159 of the General Statutes of North Carolina, the following <br /> capital project is hereby adopted. <br /> Section 1. The project authorized provides funds to fund housing activities in the following <br /> categories: land acquisition, housing development, and homeownership. <br /> Proceeds from the 1997 and 2001 voter approved bond referenda, Affordable <br /> Housing Trust funds and Community Development Program Income finance the <br /> project. <br /> Section 2. The officers of the County are hereby directed to proceed with the project within <br /> the budget contained herein. <br /> Section 3. The following revenue is anticipated to complete this project: <br /> Through FY Through FY <br /> 2006-07 FY 2007-08 2007-08 <br /> Sales Tax $0 $0 $0 <br /> 1997 Bond Funds $1,800,000 $0 $1,800,000 <br /> 2001 Bond Funds $2,600,000 $0 $2,600,000 <br /> Grant Funds $0 $0 $0 <br /> Private Placement $0 $0 $0 <br /> Fees $0 $0 $0 <br /> Transfer from Community <br /> Development(Program Income) $126,432 $0 $126,432 <br /> Transfer from Community <br /> Development(Housing Trust Funds) $173,568 $0 $173,568 <br /> Total Funding $4,700,000 $0 $4,700,000 <br />