Agenda - 11-19-2014 - 2 - Laserfiche WebLink

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ORANGE COUNTY ASSEMBLY OF GOVERNMENTS ACTION AGENDA ITEM ABSTRACT Meeting Date: November 19, 2014 SUBJECT: Affordable Housi DEPARTMENT: Housing, Human Rights & Community Development ATTACHMENT(S): Draft Community Home Trust Charter Action Agenda Item No. 2 PUBLIC HEARING: (Y /N) INFORMATION CONTACT: James E. Davis, Jr 919- 245 -2488 No 1 PURPOSE: To provide an update on affordable housing issues, specifically the Community Home Trust's proposed charter and transit- related affordable housing opportunities. BACKGROUND: a) Community Home Trust Charter Status Report The Community Home Trust (CHT) is an affordable housing provider whose clientele includes first -time homebuyers earning less than 80 percent of the area median income. CHT was created by the local governments in 1990 to further the County -wide affordable housing priorities and has served as an essential vehicle for implementing inclusionary housing policies in Chapel Hill and Carrboro. As such, several families have realized the dream of purchasing a home through CHT's land trust model. CHT has determined that the current funding arrangement with the County and Town governments is not sustainable. CHT currently receives the following financial support from the local governments: Chapel Hill: $200,000 Orange County: $149,000 Carrboro: $35,000 Hillsborough: $2,500 Including an allocation of $11,000 of operational support from the FY 2014 -15 HOME Partnership Program, the total of local financial support is about $397,500. In March 2014, Robert Dowling with CHT presented a draft Charter to the four local governments for input and feedback. The stated purpose of the Charter is to "establish a shared set of expectations as to what affordable housing functions CHT will provide to County and Towns ". The Charter further includes renewal contract terms with regard to the governments' continued funding and CHT's responsibility to its beneficiaries.