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2 <br />After review of the application, the Committee recommends the allocation of $100,000 in <br />housing bond funds to assist in the purchase of 113 Milton Avenue in Chapel Hill with the <br />following conditions. <br />1. OCHLT must develop a Tenant Selection Policy and Marketing Plan. <br />2. The residential lease for the property must require OCHLT to provide at least a 90 day <br />Notice to Vacate to the tenant family. <br />3. OCHLT will be required to provide the County with an annual accounting of project, income <br />and expenses and may be required to repay to the County any excess program income <br />beyond normal maintenance reserves. <br />FINANCIAL IMPACT: There is currently approximately $1.2 million available from the FY 2001 <br />Affordable Housing Bond Program. This expenditure will leave a balance of approximately $1.1 <br />million dollars. <br />RECOMMENDATION (S): The Manager recommends that the Board: <br />1. Award housing bond funds in the amount of $100,000 to Orange Community Housing <br />and Land Trust (OCHL.T) to purchase a dwelling and lot on Milton Avenue in Chapel Hill; <br />and <br />2. Authorize the Manager in consultation with the County Attorney to enter into a <br />Development Agreement detailing the provisions of the award. <br />