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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: January 21, 1997 <br /> SUBJECT: Housing North Carolina Award <br /> DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/N) <br /> BUDGET AMENDMENT: (Y/N) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Tara L. Fikes <br /> TELEPHONE NUMBERS: --east.2490 <br /> Hillsborough 732-8181 <br /> Chapel Hill 9684501 <br /> Durham 688-7331 <br /> Mebane 221-2031 <br /> PURPOSE: To receive a 1996 Housing North Carolina Award for Magnolia Place,a subdivision <br /> developed for first time homebuyers by the Orange Community Housing Corporation in partnership <br /> with Orange County. <br /> BACKGROUND: <br /> The N.C. Housing Finance Agency sponsors an annual competition to award excellence in <br /> affordable housing development. Housing is judged for affordability,attractive design and cost- <br /> effective production. "The winning developments illustrate some of the finest affordable housing <br /> being produced in our state."according to Lucious Jones,Chairman of the Housing Finance <br /> Agency's Board of Directors. There were seven awards presented on December 12, 1996. <br /> Magnolia Place was one of two winners in the homeownership category and the only Triangle-area <br /> award winner. The 42 unit=subdivision is located in Hillsborough is being developed by the Orange <br /> Community Housing Corporation in cooperation with Orange County. Targeted to buyers below <br /> 80%percent offt area median income,or$38,000,the three bedroom,two-bath homes have an <br /> average sales p of$91,350. Magnolia Place has attracted a diverse community of homeowners, <br /> including African-American,Hispanic and white:Families and individuals with incomes ranging <br /> from $13,000 to $35,000. The subdivision is being financed by BB&T and Community <br /> Development Block Grant(CDBG)funds and HOME funds provided by Orange County. Buyers <br /> have received mortgage financing from BB&T,the Rural Housing and Community Development <br /> Service, CCB,and NationsBank. <br /> A representative of the Board of Directors of the Orange Community Housing Corporation will <br /> make the presentation. <br /> RECOMMENDATION(S): Receive award. <br />