Minutes 01-20-2011 - Laserfiche WebLink

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� on cost effectiveness. I remain hopeful that the protection of our ecosystem is still a primary concern of our Orange County officials. Please contact me at your earliest convenience to further discuss this matter. I would appreciate this item being placed on the commission's agenda, should you feel that a clarification or amendment to the current ordinance is in order. In the meantime, my house is without power, tenants of the ability to attract tenants, awaiting your decision on the matter. I thank you in advance for your earliest attention to this matter and look forward to hearing from you." Robert Dowling from Community Home Trust provided a letter, as follows: "Dear Chair Pelissier and the Board of County Commissioners: I am very pleased to report that Community Home Trust had a remarkable year in 2010. In fact, we had a remarkable 18 months going back to July of 2009. I would like to thank the County Commissioners for your support of our work and provide you with a quick update on where we stand with regard to accomplishments and challenges: - In fiscal year 2009-10, we sold 54 homes, 43 of which were new to our inventory of permanently affordable homes. Most of the new homes were condominiums in the East 54 and Greenbridge developments. - In the calendar year 2010, we sold 39 homes, 31 of which were new to the Home Trust. - As of December 31, 2010, there were 191 homes in our inventory, up from 137 homes in July of 2009. That represents a 39% increase in our inventory in 18 months. - The following statistics characterize the owners of our 191 homes: o Average household size is two people o Average income is $36,598 0 48% are employed at UNC, UNC Healthcare or the public schools 0 46% have children 0 34% are self-identified as minorities 0 91.5% earn 80% of inedian income or less - The buyers of our East 54 and Greenbridge condominiums are: o Smaller households (most are single people) o With less income (average is $33,300) o A greater percentage work at UNC - As of December 31, 2010, our housing inventory consisted of: 0 36 detached single-family homes (18% of total) 0 87 townhomes (46% of total) 0 69 condominiums (36% of total) You may recall that in 2007 we revised our model to address long-term affordability and maintenance of our housing stock. At that time we determined it would require about $3 million over 25 years to address these challenges. We have recently updated our progress and remaining challenges in both of these areas: - Since March of 2007, we have used almost $400,000 of subsidy to keep 35 homes affordable when they resold. Most of those funds were HOME or CDBG funds from HUD.