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Orange County: $149,000 <br /> Carrboro: $35,000 <br /> Hillsborough: $2,500 <br /> Including an allocation of$11,000 of operational support from the FY 2014-15 HOME <br /> Partnership Program, the total of local financial support is about $397,500. In March 2014, <br /> Robert Dowling with CHT presented a draft Charter to the four local governments for input and <br /> feedback. The stated purpose of the Charter is to "establish a shared set of expectations as to <br /> what affordable housing functions CHT will provide to County and Towns". The Charter further <br /> includes renewal contract terms with regard to the governments' continued funding and CHT's <br /> responsibility to its beneficiaries. <br /> The Town of Carrboro Board of Aldermen discussed the draft Charter (Attachment 2—A) on <br /> June 3, 2014 and issued a resolution providing the following comments: <br /> 1. CHT should explore increasing the financial role of UNC and UNC Healthcare System. <br /> 2. The Town should explore the possibility of guaranteeing a line of credit for the Community <br /> Home Trust. <br /> 3. CHT should provide budget requests to the Town of Carrboro early in the budget <br /> preparation cycle. <br /> After multiple discussions with the County and Towns' leadership, it was determined that a <br /> "charter" was not the appropriate reference to the proposed agreement, and it was thereafter <br /> referenced as an Inter-local Agreement (Agreement). The Agreement would reconfirm support <br /> for the countywide affordable goals for homeownership and establish a formula to determine <br /> funding of CHT's operational budget. According to Mr. Dowling's forecasted budget, CHT will <br /> experience a net operating loss of about $209,000 if the proposed funding is not received by <br /> the local governments. The funding formula for the governments' respective financial <br /> contribution would be adjusted annually on a pro-rata basis in accordance with the number of <br /> CHT homes located within each respective municipality. <br /> Commissioner Rich said, in 2014, there are 230 homes in the $40 million portfolio. She <br /> said 83 percent of these homes are in Chapel Hill, and 17 percent are in Carrboro. She said 17 <br /> percent are single family homes; 38 percent are condominiums; and 45 percent are <br /> townhomes. <br /> Commissioner Rich said this was discussed at the Orange County retreat last year, and <br /> this proposed charter has been through a thorough review process by staff and attorneys. <br /> She said the goal is to take this new funding method back to their respective boards to discuss <br /> and approve. She said this has been a year in the making, and if nothing is done, the CHT will <br /> find itself in debt for $209,000. She said it is important to take action on this, and she <br /> encouraged conversations to happen soon so this can be included in the respective budgets. <br /> Alderman Johnson said this is part of the sustainability model, and the work of the CHT <br /> supports the goals of affordable housing. She said the sooner the better for moving this <br /> forward. <br /> Council Member Ward said the Town of Chapel Hill has not kept up with a funding <br /> model that is sustainable, and he feels confident that the CHT is wisely spending their money <br /> and is completing the task set before them. He said there have been years where <br /> development comes through the town's approval process, and CHT is asked to take care of <br /> these homes; however, as homes have been added, funding has not been added equally. He <br /> said this charter will formalize a fair share to be put into the CHT. <br />