Agenda - 04-21-2015 - 7b - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: April 21, 2015 Action Agenda Item No. 7 -b SUBJECT: Community Home Trust Interlocal Agreement DEPARTMENT: County Manager PUBLIC HEARING: (Y /N) No ATTACHMENT(S): Interlocal Agreement INFORMATION CONTACT: Bonnie Hammersley, 245 -2306 Audrey Spencer - Horsley, 245 -2492 PURPOSE: To consider entering an Interlocal Agreement with the Towns of Chapel Hill, Carborro and Hillsborough with regard to oversight and funding of the Community Home Trust. BACKGROUND: In 1990, the County, along with Carrboro, Hillsborough, and Chapel Hill, created the Orange Community Housing Corporation (OCHC) to create affordable housing opportunities in Orange County. Since its inception, the Towns and the County have annually provided operating support to the organization. In 1998 the Towns and County recommended that OCHC staff the newly created Community Land Trust, later renamed the Community Home Trust. The Community Home Trust has requested that the elected boards consider entering into an interlocal agreement to: 1. Clarify the responsibilities of the Towns, Orange County, and the Community Home Trust; and 2. Provide a formula for allocating operating funds for the organization. At the November 2014 Assembly of Governments meeting, the elected officials were briefed on the progress of developing an interlocal agreement regarding the Community Home Trust. Staff reported that each partner would return to their respective boards with a draft of an agreement. The staffs have worked with the Community Home Trust staff to draft the attached agreement. Key components of the agreement include: 1. Reinforcement that the County and the Towns are committed to creating successful affordable housing opportunities Orange County; 2. Acknowledgement and agreement that the Community Home Trust's programs serve households earning up to 115% of the area median income; 3. Annual review of the agreement during the annual budget cycle by the elected boards of all of the partners;