2004 S Housing - Consolidated Housing Plan Annual Update/HOME Program Signed Agreement with Chapel Hill

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Transitional Housing Program Description February 27, 2004 Page 4 In addition to the financial benefits, participants benefit from the collaborative partnerships between local agencies (e.g. Women's Center and Orange Community Housing Corporation). As part of the THP's lease agreement, program participants agree to work with local agencies in order to prepare for the move to private market housing. The core curriculum consists of homeownership, family finances, career development; and basic home maintenance classes. Outcomes The Transitional Housing Program addresses several housing priorities identified in the Consolidated Plan for the Housing and Community Development Programs and provides viable long-term strategies and solutions to pressing housing issues. First, the Transitional Housing Program will result in the purchase of houses that will be available for rent to low and moderate-income families. In addition to purchasing homes, funds from the HOME Program will also be used to rehab, if necessary, the homes in order for them to pass all housing code standards. Second, the houses will provide opportunities for affordable housing in the Chapel Hill area. As part of the THP, the houses will serve as tools in the education and preparation of future homebuyers and owners and others entering the private housing market. Third, as more houses are purchased for the THP, the rents paid will provide aself-sustaining base of funds that will in turn assist in maintaining quality, affordable housing for the Chapel Hill area. This strategy will have twofold benefits:. l} It will reduce the dependency on external funds to keep the program solvent, and 2) It will maintain a core of quality, affordable rental housing for low to moderate-income people. The Transitional Housing Program provides the Chapel Hill area with quality rehabbed rental housing affordable to low and moderate-income families. In addition, the THP fosters greater economic independence and economic opportunities for low and moderate-income families. Timetable for Spending Funds and ReachingGoal HOME Program funds will be spent by September 2005. The goal is to purchase a house and make any needed renovations and repairs in order for it to meet all housing code standards. To this end, the process will include reviewing possible properties (4-5 months--seeking and choosing the "right" or an appropriate house), purchasing the selected property (1-2 months completing the legal work), and rehabilitating the property (2-3 months-bringing the house up to living standards).