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fir - <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. .. <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 15, 1998 <br /> SUBJECT: HOME Program- Commup4 Revitalization Loan Fund <br /> DEPARTMENT: Housing and Community Development PUBLIC HEARING• (YIN) y <br /> BUDGET AMENDMENT: (YIN) 'S tit <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Development Agreements Tara L. Fikes <br /> TELEPHONE NUMBERS: - eat. 2490 <br /> Hillsborough 732-8181 <br /> Chapel Hill 958-4541 <br /> Durham 685-7331 <br /> Mebane 227-2031 <br /> PURPOSE: <br /> To approve a Development Agreement with two local non-profit housing agencies, <br /> EmPOwERment, Inc. and orange Community Housing Corporation, for HOME funding available <br /> under the Community Revitalization Loan Fund. <br /> BACKGROUND: <br /> A Community Revitalization Loan Fund was created in the 1997-98 Orange County HOME <br /> Consortium program design to provide funds to assist low/moderate income families p urchase <br /> existing housing. Funds can be used for acquiring property, rehabilitating the property, and/or <br /> second mortgage assistance. A total of$60,000 has been allocated for this program in the 1997-98 <br /> fiscal year. Operational guidelines for this program were approved on August 20, 1997. <br /> Under this program, local non-profit housing agencies will acquire, rehabilitate, if necessary, and <br /> resell houses located in Orange County to eligible first-time homebuyers. Approximate) $42,000 <br /> i y <br /> will be made available for this purpose. In some cases, houses will not need to be repaired, thus, the <br /> non-profit organization will serve as an sponsor for prospective homebuyers who need second <br /> mortgage assistance. This mortgage assistance enables the first time homebuyer to obtain a first <br /> mortgage for a lesser amount, thereby increasing the availability of first-time homeownership <br /> p <br /> opportunities. The non-profit organization would be responsible for certifying the eligibility of the <br /> prospective homebuyer, as well as ensuring that the subject property is in standard condition. <br /> Approximately $18,000 is available for this purpose. An estimated six (6) low/moderate income <br /> families will benefit from this program. <br /> In the last five years, approximately forty-five(45)dwelling units have been repaired by the County's <br /> . tY <br /> housing rehabilitation programs. <br />