2001 NS Housing - HOME/Housing Bond Programs – Meadowmont Condominiums

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' 25 Affordable Housing Program Capital Project Ordinance Be it ordained by the Orange County Board of County Commissioners that pursuant to Section 13.2 of Chapter 159. of the General Statutes of North Carolina, the following capital project is hereby adopted. Section 1. The project authorized provides funds to fund housing activities in the following categories: land acquisition; housing development; and homeownership. The project is financed by proceeds from the 1997 voter approved bond referendum and from Housing Trust funds. Section 2. The officers of the County are hereby directed to proceed with the project within the budget contained herein. Section 3. The following revenue is anticipated to complete this project: Through FY Through FY 2000-01 FY 2001-02 2001-02 Sales Tax $0 $0 $0 Bond Funds $937,500 $350,000 $1,287,500 Private Placement $0 $0 $0 Fees $0 $0 $0 Housing Trust Funds $0 $50,000 $50,000 Total Funding $937,500 $400,000 $1,337,500 Section 4. The following amount is appropriated for this project: Through FY Through FY 2000-01 FY 2001-02 2001-02 Land EmPOWERment $90,000 $0 $90,000 Habitat for Hummity $460,000 $0 $460,000 Total Land $550,000 $0 $550,000 Design $0 $0 $0 Construction $0 $0 Scarlett Drive $140,0001— $0 $140,000 EmPOWERment $247,500 $0 $247,500 Meadowmont Condominiums $0 $400,000 $400,000 Total Construction $387,500 , $400,000 $787,500 Other $0 $0 $0 Total Costs $937,500 1 $400,000 $1,337,500 Section 5. This ordinance supersedes previous Affordable Housing Capital Project Ordinances for Orange County Government. Section 6. This ordinance shall remain in effect until June 30, 2002. Adopted this 18'h day of September 2001.