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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. Q- ~ <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: Apri17, 1998 <br />SUBJECT: Housing Bond Program Administration <br />DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/1~ ~` "~'~~~~w <br />BUDGET AMENDMENT: (Y/N) "'~~:; <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Implementation Schedule Tara L. Fikes <br />TELEPHONE NUMBERS: - -ext. 2490 <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 227-2031 <br />PURPOSE: <br />To approve the establishment of a Housing Bond Policy Committee. <br />BACKGROUND: <br />In November 1997, Orange County voters approved a $1.8 million dollaz housing bond issue. <br />Funds aze to be used for affordable housing initiatives in three azeas: land acquisition, housing <br />development, and homeownership programs. County staff has contacted other jurisdictions in the <br />state with housing bond programs and have developed an Implementation Schedule for the County's <br />Housing Bond Program which is attached to this abstract. <br />As a first step, program policies must be established which will govern the expenditure of funds. <br />These policies would address such issues as: Eligible Program Types; Income Tazgeting; Long- <br />Term Affordability; and Project Evaluation Criteria to include the importance of proposed housing <br />bond projects minimizing the bond funds required for a project by utilizing funding from other <br />sources, thereby, maximizing the potential leveraging ability of the housing bond funds. <br />County staff recommends the establishment of a Housing Bond Policy Committee to develop these <br />policies. In order to allow local housing advocates to participate in deciding how bond money will <br />be spent, the members of the committee would include one representative from the following <br />entities. <br />1. EmPOWEl2ment, Incorporated <br />2. Habitat for Humanity <br />3. Inter-Faith Council for Social Service <br />4. Joint Orange-Chatham Community Action Agency <br />5. Knolls Development Association <br />6. Northside Community Association <br />