RES-2005-037 Authorizing the Orange County 2005-2006 Home Program Design

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~ £S ~~oos-~ 3 ~ .5~- ~ - zOc>.S' 3 qG RESOLUTION AUTHORIZING THE ORANGE COUNTY 2005-2006 HOME PROGRAM DESIGN BE IT RESOLVED, by the Orange County Board of Commissioners as a member of the Orange County HOME Consortium approve following activities for the 2005-2006 HOME Program. Property Acquisition Funds would be allocated to the Town of Hillsborough to acquire and renovate a dwelling unit in the Fairview community to resale to a first-time homebuyer earning less than 80% of area median income. (Requested amount: $100, 000) $100,000 Funds would be allocated to the Chrysalis Foundation to acquire property for a permanent supportive housing project that would provide housing for chronically homeless individuals and families. (Requested amount: $200, 000) $100,000 Funds would be allocated to Orange Community Housing and Land Trust to acquire, demolish, or renovate (if necessary and appropriate) housing in the Northside neighborhood in Chapel Hill. (Requested amount:.. $100, 000) $100,000 Homeowner Assistance Funds would be allocated to Habitat for Humanity to provide four (4) deferred second mortgages to first- time homebuyers with incomes below 80% of median income in the Richmond Hills subdivision. (Requested amount: $80,000) $80,000 Funds would be allocated to Orange Community Housing and Land Trust to provide down-payment assistance for up to three newly constructed townhomes in the Pacifica development in Carrboro. The dwelling units will be developed by the private sector, and then placed in the Land Trust. Eligible families would be first-time homebuyers with incomes below 80% of median income. (Requested amount: $15,000) $15,000 Funds would be allocated to EmPOWERment to provide second mortgages to three (3) first-time homebuyers earning less than 80% of the area median income to buyers of the planned new condominiums on Davie Road in Chapel Hill. (Requested amount: $75,000) $75,000 Funds would be allocated to Orange County to serve as match funds for a FY 2005 Individual Development Account (IDA) Program that will serve first-time homebuyers below 80% of area median income. $25,000 Operational Support Funds would be allocated to Orange Community Housing and Land Trust as a Community Housing Development Organization for administrative expenses. (Requested amount: $1 S, 000) $15,000 New Construction Funds would be allocated to Habitat for Humanity to provide funding for pre-development costs related to the development of a 17-acre vacant tract of land on Sunrise Road in Chapel Hill. (Requested amount: $70, 000) $70,000 Funds would be allocated to Habitat for Humanity to provide funding for infrastructure development of Phase II of the Rusch Hollow project located on Rusch Road in Chapel Hill. Habitat plans to build at least 12 dwelling units for sale to first-time homebuyers earning less than 60% of the area median income. (Requested amount: $200,000) $100,000