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8 <br />1 <br />2.I’m not certain if I’m answering this correctly, but the Home Trust home prices range <br />2 <br />from $75,000 to about $155,000.The average price is about $100,000.In fiscal year <br />3 <br />2013-14, CHT sold 40 homes and required an average subsidy of about $14,000 for <br />4 <br />each home.That subsidy may come from the County (HOME funds) or the Town of <br />5 <br />Chapel Hill or from the NC Housing Finance Agency.Due to declining HUD income <br />6 <br />limits, CHT typically is required to add subsidy to most homes that resell. Sixteen <br />7 <br />homes resold in fiscal year 2013-14. <br />8 <br />3.The current HUD Income Limits for 80% AMI and 115% of AMI are as follows: <br />9 <br />10 <br />1 Person2 Persons3 Persons4 Persons <br />11 <br />80% of AMI$36,800$42,050$47,300$52,550 <br />12 <br />115% ofAMI$52,900$60,447$67,994$75,541 <br />13 <br />14 <br />4.As stated above, CHT must sell at least 75% of the homes to households earning at or <br />15 <br />below 80% of AMI. Currently, about 90% of CHT homes are owned by households <br />16 <br />earning 80% of AMI or less. <br />17 <br />18 <br />Please let me know if there are additional questions we can answer.I know this subject matter <br />19 <br />is a bit dense. <br />20 <br />21 <br />Thanks, <br />22 <br />RobertDowling <br />23 <br />24 <br />Commissioner Gordon said her concern is related tothe potential of homesgoing out of <br />25 <br />affordability. She said the point of this program is to sell homes to low income households, and <br />26 <br />115 percent is not low income. She wonders if a more comprehensive approach might be <br />27 <br />better. She said theneeds have shifted over the years,andit would be better to have a unified <br />28 <br />approach to this issuewith all of the entities involved. She is not sure this should be approved <br />29 <br />without a unified approach. <br />30 <br />Commissioner Gordon said her second concern with going to the 115 percent is that <br />31 <br />people who are on fixed incomes and do not make above the median income are paying for this <br />32 <br />in a waywhen they pay taxes. She said if the number is changed to 115 percent, the number <br />33 <br />of homes that can be sold this wayshould be limited to 25 percent. <br />34 <br />Commissioner Dorosin asked if Robert Dowling was planning tojettisonthe25/75 <br />35 <br />percent restrictionratio. <br />36 <br />Robert Dowling said no. He said theIRS guidelines restrict the number of homes that <br />37 <br />can be sold above 80 percent, and the maximum allowed is 35 percent. <br />38 <br />Commissioner Rich said the unified answer between the managers is about the charter, <br />39 <br />and it is not about this item. She said this item is being brought to each jurisdictionfor <br />40 <br />individual votes. She said it will be unified if everyone does or does not vote for it. She said the <br />41 <br />charter to will go to all of the managersandlegal departments before it is brought forward. <br />42 <br />Commissioner Price asked about the timeline for the unified charter. <br />43 <br />Bonnie Hammersley said themanagers met last week, and there will be another <br />th <br />44 <br />meeting with Robert Dowling. She said the goal is to have a status report by the November 19 <br />45 <br />Assembly of Governments meeting. <br />46 <br />Commissioner Price said this item seems more immediate, and she is concerned if the <br />47 <br />charter is going to take some time.She said this seems to be an issue that could have been <br />48 <br />anticipated,and this policy change will keep the CHT alive. She asked if the money gained by <br />49 <br />selling at 115 percent can be then put back into the efforts of the CHT. <br /> <br />