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AGENDA #11 <br />MEMORANDUM <br />TO: Mayor and Town Council <br />FROM: W. Calvin Horton, Town Manager <br />SUBJECT: Funding Request from Orange Community Housing Corporation <br />DATE: April 6, 1998 <br />This memorandum reviews a request for additional funding for the current fiscal year, 1997 -98 <br />from the Orange Community Housing Corporation. The attached resolution would authorize the <br />Manager to execute a revised performance agreement with Orange Community Housing <br />Corporation; the attached ordinance would allogate S 19,000 from the Town's General Fund for <br />this purpose. <br />BACKGROUND <br />At the January 27, 1998 public forum on t <br />Corporation submitted a budget request for rr <br />funding for the current fiscal year (please see <br />additional $19,000 for next fiscal year above t <br />Council in previous years. The request for ne <br />Preliminary Budget proposal to the Town Coun <br />The Corporation also asked for a grant of $19 <br />operating budget of the Corporation. This men <br />The Orange Community Housing Corporation I <br />the Corporation will run out of operating funds <br />obtained from the supporting governments of <br />budget deficit of approximately $42,000 in the c <br />The Corporation is requesting an additional S <br />County, and 54,000 from Carrboro to fund this <br />budget for the year which showed substant <br />development which will not be realized. lnst+ <br />expenses to address problems associated with tk <br />Town budget, Orange Community Housing <br />fiscal year, and also asked for supplemental <br />ttachment 1). The Corporation asked for an <br />550,000 annual allocation made by the Town <br />year's funding is considered in the Manager's <br />in the current fiscal year to help balance the <br />dum will address this portion of the request. <br />submitted budget projections which show that <br />May, 1998, unless supplemental resources are <br />ange County. The Corporation anticipates a <br />,ent budget year. <br />9,000 from Chapel Hill; $19,000 from Orange <br />42,000 deficit. The deficit arose from an initial <br />a program income from the Magnolia Place <br />ad, the Corporation has had to incur additional <br />project (please see Attachment 2). <br />Post -it* Fax Note <br />7671 <br />IDaI8 ► <br />To O <br />f ^ <br />From <br />ComelyL <br />Phone • <br />I <br />Phone A <br />Fax 0 <br />Fax A <br />