RES-2002-027 FY 2002 CDBG Program – IDA Program

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~,~L - ~~o ~ REVISED ~ ~~S- o _?OU ~ ~ ~02 ~ 3 ORANGE COUNTY BOARD OF COMMISSIONERS RESOLUTION AUTHORIZING AN APPLICATION FOR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS WHEREAS, the N.C. Department of Commerce - Division of Community Assistance announced the availability of approximately $500,000 in Small Cities Community Development Block Grant (CDBG) Program funds for the purpose of establishing Individual Development Account (IDA) Programs to first-time homebuyers with incomes below 80% of the area median income; and WHEREAS, an application for funding must be sent to the Division of Community Assistance on or before Apri130, 2002 in order to receive the funds; and WHEREAS, Individual Development Accounts axe dedicated savings accounts to be used for homeownership only; and WHEREAS, the Women's Center presently operates an IDA Program under the County's TANF Prograrn and has expressed an interest in administering this program utilizing CDBG funds; WHEREAS, the grant funds will be used to match participant savings by a 1:1 ratio for a total of twenty (20) families. NOW, THEREFORE BE IT RESOLVED by the Orange County Board of Commissioners, that an application for FY 2002 Community Development Block Grant funds for the Individual Development Account Program under the North Carolina Small Cities Program is hereby authorized. The amount of the request will be $40,000. The application will be submitted on or about Apri130, 2002. FURTHER, the Orange County Board of Commissioners authorizes the Chair of the Board to sign the application document on the County's behalf. ~- ~ This the 16th day of Apri12002.