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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />Action Agenda <br />Item No. 9 - e <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 17, 1998 <br />SUBJECT: Request for Funding - Orange Community Housing Corporation <br />DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/N) <br />BUDGET AMENDMENT: (Y/1) <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Memorandum from the Executive Director of Tara L. Fikes <br />Orange Community Housing Corporation TELEPHONE NUMBERS: - - eat 2490 <br />Hillsborough 732 -8181 <br />Chapel Hill 968 -4501 <br />Durham 688-7331 <br />Mebane 227 -2031 <br />PURPOSE: <br />To receive a request from the Orange Community Housing Corporation for additional funding for <br />this fiscal year. <br />BACKGROUND: <br />The Orange Community Housing Corporation (OCHC) reports a $42,000 deficit in their operating <br />budget for the fiscal year ending June 30, 1998. This budget shortfall is primarily due to the fact <br />that the anticipated revenue from the Magnolia Place development included in this year's budget will <br />not be available to the corporation this fiscal year. <br />Currently, OCHC receives the following administrative funding from the County and the Towns. <br />Orange County $ 49,750 <br />Chapel Hill $ 50,000 <br />Carrboro $ 10,000 <br />Total funding $109,750 <br />OCHC is asking for additional funding this fiscal year from the County and the Towns in the <br />following proportions. <br />Orange County $ 19,000 <br />Chapel Hill $ 19,000 <br />Carrboro $ 4,000 <br />Total funding $ 42,000 <br />Specific information pertaining to this request is provided in the attached document. OCHC <br />representatives will be present to provide additional information and answer questions. <br />RECOMMENDATION(S): <br />The Manager recommends that the Board receive this report as information. <br />