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Chair McKee expressed thanks to the members of the public for their comments. <br /> b. Community Home Trust Interlocal Agreement <br /> The Board considered entering an Interlocal Agreement with the Towns of Chapel Hill, <br /> Carrboro and Hillsborough with regard to oversight and funding of the Community Home Trust. <br /> Bonnie Hammersley (she was just repeating the above paragraph, so I deleted that) <br /> read the following background information: <br /> BACKGROUND: <br /> In 1990, the County, along with Carrboro, Hillsborough, and Chapel Hill, created the Orange <br /> Community Housing Corporation (OCHC) to create affordable housing opportunities in Orange <br /> County. Since its inception, the Towns and the County have annually provided operating <br /> support to the organization. <br /> In 1998 the Towns and County recommended that OCHC staff the newly created Community <br /> Land Trust later renamed the Community Home Trust. The Community Home Trust has <br /> requested that the elected boards consider entering into an interlocal agreement to: <br /> 1. Clarify the responsibilities of the Towns, Orange County, and the Community Home <br /> Trust; and <br /> 2. Provide a formula for allocating operating funds for the organization. <br /> At the November 2014 Assembly of Governments meeting, the elected officials were briefed <br /> on <br /> the progress of developing an interlocal agreement regarding the Community Home Trust. <br /> Staff <br /> reported that each partner would return to their respective boards with a draft of an agreement. <br /> The staffs have worked with the Community Home Trust staff to draft the attached agreement. <br /> Key components of the agreement include: <br /> 1. Reinforcement that the County and the Towns are committed to creating successful <br /> affordable housing opportunities Orange County; <br /> 2. Acknowledgement and agreement that the Community Home Trust's programs serve <br /> households earning up to 115 percent of the area median income; <br /> 3. Annual review of the agreement during the annual budget cycle by the elected boards of all <br /> of the partners; <br /> 4. Continuing to appoint a representative from each jurisdiction to the Community Home <br /> Trust board of directors (Section III.B) <br /> 5. Identification of responsibilities of the Community Home Trust (Section III.C), and the partner <br /> jurisdictions (Section III.D); <br /> 6. Agreement on an annual funding formula based on the ratio of Community Home <br /> Trust homes to the total number of the organization's homes (Section III.D.3); <br /> 7. Agreement to allow Community Home Trust to provide an unrestricted fee simple deed of <br /> trust to lenders of Home Trust homes. In short, if a home is foreclosed upon, the <br />