Agenda - 05-03-2011 - 5f - Laserfiche WebLink

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As the population of orange County continues to grow, the lack of affordable land has become a major barrier to the development of Affordable Housing, especially when taking into account that the Town of Chapel Hill and the County will oat develop infrastructure beyond the Urban Services Boundary. By waiving building permit fees and providing zoning incentives, the members of the Consortium plan to minimize the obstacles to affordable housing development. • There are a limited number of developers and builders who are capable of building Affordable Housing. The profit potential for middle and upscale housing draws most builders to that range of developmen ,leaving few contractors willing to work in the Affordable Housing arena. ~Alsa, the high cost of land, costly permitting fees and the length of ,tire to get housing projects approved is prohibitive to the development of Affordable Housing. This obstacle will be mitigated through the waived permi~~ees and zoning incentives already discussed. 4. Identify the federal, state, and local resources, expected to be made~~available to address the needs identified in the plan, Fe'de~al resources should i~clu.de Section 8 funds made available to the jurisdiction, how ~~ncome Hous~n.g Tax Credits, and competitive McKinney-Vento Hor~eles~ ~5sistance Act funds expected to be available to address priority needs and specific objectives identified in the strategic plan. orange County HOME Consortiunn ~espons;e By drawing upon financial resources available t~ ~~e Conso~um through HUD and by instituting ar strengthening partnersf~ip~ with County: departments, municipalities, and nonprofit organizations, the Consortium vuill have sufficient resources available to accomplish the Plan ~~als. ' ~~:, The following table provides a conservative estimate of the total amount of funding that is expected to ire ~ available 'throug[~ HUD over the course of the five years covered by this Plan. The esfiim~~es for :C'bBG and HCME are based on 80°/o of the current FY 2fl~~.0:ur~ding level,, multiplied by five Ito arrive at a cumulative five-year figure. ~ ~Di~G and ACME Program Income estimates are based on 80°/0 of the projee~ians listed in the: Consortiu,m's 2009 Annual Action Plan. The estimate for HCM_~. Matching Funds ~s Z5°/o the minimum amount of match required} of the five-~ year HOME estimate. . .~~Grant Program Amount ~DB~ Town of Chapel Hill}* $2,533,620 CDBG Program Income** $29,352 HOME ~Crange County Consortium~* $2,913,108 HCME Program Income** $204 232 HCME Matching Funds* $728 277 TOTAL $6,408,589 * 80~/~ of FY ZQ1 ~ atloca~~ons for one next 5 years ** 80% of average program income over the past 5 years Strategic partners who will assist in the implementation and management of the Plan include the following: FY 2011-2012 Action Plan 23