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If the policy changes are made, is it anticipated that most or all of the houses would then be <br /> sold to buyers at or close to the 115 % AMI level, thereby reducing the number of low income <br /> families served? <br /> Follow-up from Robert Dowlinq <br /> 1. Yes, CHT will continue to sell homes using a 99 year ground lease and to keep the <br /> homes affordable for 99 years at either 80% of Area Median Income (AMI) or 115% of <br /> AMI. According to CHT bylaws and Articles of Incorporation, only 25% of CHT homes <br /> can be sold to households earning more than 80% of AMI. <br /> 2. I'm not certain if I'm answering this correctly, but the Home Trust home prices range <br /> from $75,000 to about $155,000. The average price is about $100,000. In fiscal year <br /> 2013-14, CHT sold 40 homes and required an average subsidy of about $14,000 for <br /> each home. That subsidy may come from the County (HOME funds) or the Town of <br /> Chapel Hill or from the NC Housing Finance Agency. Due to declining HUD income <br /> limits, CHT typically is required to add subsidy to most homes that resell. Sixteen <br /> homes resold in fiscal year 2013-14. <br /> 3. The current HUD Income Limits for 80% AMI and 115% of AMI are as follows: <br /> 1 Person 2 Persons 3 Persons 4 Persons <br /> 80% of AMI $36,800 $42,050 $47,300 $52,550 <br /> 115% of AMI $52,900 $60,447 $67,994 $75,541 <br /> 4. As stated above, CHT must sell at least 75% of the homes to households earning at or <br /> below 80% of AMI. Currently, about 90% of CHT homes are owned by households <br /> earning 80% of AMI or less. <br /> Please let me know if there are additional questions we can answer. I know this subject matter <br /> is a bit dense. <br /> Thanks, <br /> Robert Dowling <br /> Commissioner Gordon said her concern is related to the potential of homes going out <br /> of affordability. She said the point of this program is to sell homes to low income households, <br /> and 115 percent is not low income. She wonders if a more comprehensive approach might be <br /> better. She said the needs have shifted over the years, and it would be better to have a <br /> unified approach to this issue with all of the entities involved. She is not sure this should be <br /> approved without a unified approach. <br /> Commissioner Gordon said her second concern with going to the 115 percent is that <br /> people who are on fixed incomes and do not make above the median income are paying for <br /> this in a way when they pay taxes. She said if the number is changed to 115 percent, the <br /> number of homes that can be sold this way should be limited to 25 percent. <br /> Commissioner porosin asked if Robert Dowling was planning to jettison the 25/75 <br /> percent restriction ratio. <br /> Robert Dowling said no. He said the IRS guidelines restrict the number of homes that <br /> can be sold above 80 percent, and the maximum allowed is 35 percent. <br /> Commissioner Rich said the unified answer between the managers is about the charter, <br /> and it is not about this item. She said this item is being brought to each jurisdiction for <br />