Orange County NC Website
Browse       Search
• <br /> 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS Z7 /6z— <br /> Item Agenda <br /> Item No. <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: August 1997 <br /> 1S <br /> SUBJECT: Community Revitalization Loan Fund <br /> DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/N) e <br /> BUDGET AMENDMENT: (Y/N) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Program Guidelines Tara L. Fikes <br /> TELEPHONE NUMBERS: -- ext. 2490 <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> PURPOSE: <br /> To approve the operational guidelines for the newly established Community Revitalization Loan <br /> 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 purchase <br /> existing housing. This was done in direct response to citizen comments received during the <br /> development stage of the program design. Funds can be used for acquiring property, rehabilitating <br /> the property, and/or second mortgage assistance. A total of$60,000 has been allocated for this <br /> program this year. <br /> The attached guidelines have been developed with input from the staff of Carrboro, Chapel Hill and <br /> Hillsborough. Orange County serves as the lead administrative entity for the Orange County <br /> HOME Consortium and is responsible for implementation of this program. Since this is a new <br /> program which has been locally designed, approval of these guidelines is necessary. <br /> RECOMMENDATION(S): <br /> The Manager recommends approval of the implementation guidelines for the Community <br /> Revitalization Loan Fund. <br /> r <br />