Agenda - 11-20-2012 - 5m - Laserfiche WebLink

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\r Y 1 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 20, 2012 Action Agenda Item No. 5-m SUBJECT: Housing Bond Program — Rusch Hollow DEPARTMENT: Housing, Human Rights, and PUBLIC HEARING: (Y/N) No Community Development ATTACHMENT(S): Floorplan and Budget INFORMATION CONTACT: Housing Bond Program Update Tara L. Fikes, 245-2490 PURPOSE: To consider awarding housing bond funds in the amount of $144,304 to Habitat for Humanity for the construction of a rental duplex in the Rusch Hollow subdivision. BACKGROUND: In January 2008, the Board of County Commissioners awarded $130,000 in housing bond funding to the Chrysalis Foundation to assist with the construction of five attached rental units in the Rusch Hollow subdivision developed by Habitat for Humanity of Orange County (Habitat). Unfortunately, in the following year, 2009, the Chrysalis Foundation ceased operations due to financial constraints and this proposed project has since been stalled. In order to provide rental housing in this neighborhood as originally planned, Habitat proposes using the remaining uncommitted bond funds ($144,304) to build a duplex on one of the original lots slated for rental housing. The duplex would be built using Habitat's sweat equity model. At completion, the Town of Chapel Hill Housing Department would take ownership of the units and rent them to low income, elderly tenants. The project floorplan and budget are attached. The Affordable Housing Advisory Board has reviewed this proposal and recommends approval. FINANCIAL IMPACT: Commitment of the remaining $144,304 in housing bond funds will complete the allocation of all available bond funds. A Housing Bond Program Update is attached as additional information. RECOMMENDATION(S): The Manager recommends that the Board approve awarding housing bond funds in the amount of$144,304 to Habitat for Humanity for the construction of a rental duplex in the Rusch Hollow subdivision.