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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 15, 2008 <br />Action Agenda <br />Item No. ~ <br />SUBJECT: Orange County Housing Bond Program Policy Amendment <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Tara L. Fikes, 245-2490 <br />PURPOSE: To consider a proposed amendment to the Orange County Housing Bond Policy to <br />amend the definition of eligible applicants to include for-profit organizations. <br />BACKGROUND: Orange County voters passed a $4 million dollar bond referendum in the fall <br />of 2001 and approximately $2 million dollars remain available for investment in affordable <br />housing projects. The current Housing Bond Policy only allows non-profit organizations and for- <br />profit/non-profit partnerships to apply for bond funding. In an effort to increase utilization of <br />bond funds for affordable housing development, the Affordable Housing Advisory Board (ARAB) <br />discussed the possibility of expanding the definition of eligible applicants to include for-profit <br />developers with the Board of County Commissioners at an August 2007 work session. <br />County staff has researched other local housing bond programs and found that most allow for- <br />profit developers to respond to Request for Proposals for local housing bond funds. <br />Additionally, the County has received some inquiries from for-profit developers interested <br />primarily in rental housing development in Orange County regarding the availability of housing <br />bond funding to leverage other state and federal funding sources. Therefore, it is reasonable to <br />conclude that broadening the County's definition could generate interest in the development <br />community to build affordable housing utilizing bond funding. Specifically, ARAB recommends <br />the following revision to the existing Housing Bond Policy. <br />Eligible Applicants: Non profit and For profit entities will be eligible to apply <br />for funding under the County's bond program. Non profits and for profit entities may partner to develop <br />projects. ; <br />i~9-°~~-~~~e}. Preferences will be given to fonprofit and nonprofit organizations based in Orange <br />County and/or organizations currently providing affordable housing to residents of Orange County. <br />FINANCIAL IMPACT: This proposed policy amendment will be applicable~to any housing bond <br />applications received after the date of adoption for the remaining $2 million available. <br />RECOMMENDATION (S): The Manager recommends that the Board approve the proposed <br />amendment to the Orange County Housing Bond Policy to amend the definition of eligible <br />applicants to include for-profit organizations. <br />