Orange County NC Website
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Between 2005 and 2010 - t.38 percent, or 2.1 percent annually; and <br />Between 2010 and 2020 - 13.36 percent or 1.33 percent annually. <br />In real terms, Orange County is expected to add 1,064 households per year for the balance of the <br />decade. Nane of the communities in Orange County are expected to experience a decline in growth. <br />Strategies for Future Action <br />Orange County and the Towns of Chapel Hill, Carrboro, and Hillsborough should <br />^ Increase the capacity of existing non-profit county-wide developers, or establish such an entity to <br />act as an owner and manager of acquired multifamily units and develop affordable single-family <br />units. <br />^ Regarding rental units older, large complexes with high vacancy rates are candidates for low <br />income housing tax credit ("LIHTC") or non-profit bond acquisition and rehabilitation. <br />^ Current efforts in Chapel Hill to encourage developers to build affordable units as part of new <br />developments of five or more units should be expanded to include the entire County and <br />strengthened. <br />^ Resale of the affordable properties should be restricted based on one or more of several different <br />types of affordability clauses. Examples include: <br />- An affordability clause that permits the buyer to retain appreciation in the property in <br />relationship to the original purchase price. For example, if a buyer purchases the home at <br />$200,000 and the appraised market value of the home is $260,000 in the current market, <br />then the buyer may only retain the appreciation upon sale that is greater than $60,000. <br />- A restricted resale provision which only allows sale of the property to a family at below the <br />requisite median income at the time of sale. <br />- Aland lease that requires the resale of the property to the countywide non-profit at the <br />acquisition price plus some form of appreciation defined by the County. <br />^ Developers who wish to opt out of the requirement should be allowed to make a contribution to a <br />countywide non-profit equal to the difference in price between the unit the developer builds and <br />the required affordable unit. The countywide non-profit could then use those funds to: <br />- Acquire, rehabilitate, and sell existing housing at affordable levels; <br />- Acquire units in condominium properties which can be subsidized, restricted and resold to <br />affordable buyers; <br />- Build new restricted units for sale. <br />Commissioner Jacobs noted that Chapel Hill does have more of a requirement than <br />anyone else, but Carrboro tries to exact affordable units and Hillsborough has tried also. He <br />would like to note this so that it does not seem that Chapel Hill is the only one that is doing this. <br />He made reference to page 4, under Future Demand, it says that a 1.3% population growth rate <br />is expected annually from 2005 to 2020, but the five years from 2005 to 2010 is a 2.1 °lo annual <br />growth rate, and the next ten years is a 1.33% growth rate. Tara Fikes said that she would look <br />at the numbers again. <br />° North Carolina State, Populations Estimates 2000 - 2003. The increase in population over the three year period established the <br />current growth rate on an annual basis. This growth rate differs slightly from overall State projections, yielding an overall household <br />growth rate about 10% higher than the State projection. <br />