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ATTACHMENT 3 <br />Affordable Housing Program ~~ ~ ~ _ ~ ~~, ~ ~~~ J <br />Capital Project Ordinance <br />- ~ -~ -- ~ ~ <br />Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 51Z <~ <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 <br />2004-OS <br />FY 2005-06 Through FY 2005 <br />06 <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 />Develo ment (Program Income) <br />$126,432 <br />$0 <br />$126,432 <br />Transfer from Community <br />Development (Housing Trust Funds) <br />$173,568 <br />$0 <br />$173,568 <br />Total Fundin $4,700,000 $0 $4,700,000 <br />