Agenda - 09-18-2001 - 8e - Laserfiche WebLink

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s 3 Additionally, the Orange Community Housing and Land Trust (OCHLT) submitted a request for bond funding for this project. Specifically, OCHLT requested that $400,000 be granted to this development to be used for project construction costs. In June 2001, the BOCC approved the allocation of $350,000 and $50,000 in Housing Trust funds to this project. In order to facilitate this expenditure, the BOCC must approve a Capital Project Ordinance appropriating funds to this project. A Capital Project Ordinance has been prepared to accomplish this task and is included with this abstract for the Board's consideration. Second, a Development Agreement must be executed between the County and Orange Community Housing and Land Trust that secures and governs the bond funds. A Development Agreement has been developed by County staff for review by the Board and the County Attorney. FINANCIAL IMPACT: Approximately $180,000 in HOME Program funding has been allocated to the Meadowmont Condominiums Project. Bond fund award to this project represents an expenditure of $350,000 of the $1.8 million dollar Affordable Housing Bond approved in November 1997 and $50,000 of local Housing Trust Fund dollars. RECOMMENDATION(S): The Manager recommends the following: 1. Approval of the allocation of $180,000 in HOME Investment Partnership funds to the Orange Community Housing and Land Trust in the form of a grant and authorize the County Manager in consultation with the County Attorney to execute a Grant Agreement on behalf of the County. 2. Approval of the Capital Project Ordinance authorizing the expenditure of $350,000 in housing bond funding and $50,000 in Housing Trust fund dollars; and authorize the County Manager upon the County Attorney's review and approval, to execute a Development Agreement with Orange Community Housing and Land Trust on behalf of the County.