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a. $362,000 to Habitat for Humanity to purchase land for land banking purposes in <br />the Northern Fairview community in Hillsborough and to provide nine deferred <br />second mortgages to first-time homebuyers in this community <br />b. $100,000 to Orange Community Housing and Land Trust (OCHLT) to purchase a <br />dwelling and lot on Milton Avenue in Chapel Hill from a current land trust <br />homeowner. OCHLT intends to lease the unit at affordable rental rates to a family <br />earning no more than 60% of the area median income. <br />This budget amendment provides for the awarding of these Affordable Housing Bond funds <br />for the above-mentioned projects. (See Attachment 11, Affordable Housing Capital Project <br />Ordinance) <br />FINANCIAL IMPACT: Financial impacts are included in the background information above. <br />RECOMMENDATION(S): The Manager recommends that the Board of County Commissioners <br />approve the budget, grant and capital project ordinance amendments for fiscal year 2007-08. <br />