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Towns and County agree to cancel all affordability restrictions recorded against the property. <br /> This would increase the lending options to buyers. (Section III.D.5a.); <br /> 8. Agreement that homes subsidized by local funds may be resold to households earning up to <br /> 115% of the area median income without repaying the funds (Section III.D.5.b); and <br /> 9. Agreement that homes could be sold out of the Community Home Trust inventory upon <br /> approval of the Manager (Section III.D.5.c). <br /> Since the agreement would be reviewed annually, the staffs from each jurisdiction would <br /> continue to work with the Community Home Trust to evaluate the funding formula and the <br /> current model for homeownership. If identified, alternative models will be brought forward to <br /> the Board for consideration. <br /> FINANCIAL IMPACT <br /> Based on the proposed formula, the County's annual financial contribution will be 33% of the <br /> approved funding needs of the Community Home Trust. <br /> RECOMMENDATIONS <br /> The Manager recommends that the Board approve the Interlocal Agreement and authorize the <br /> Manager to execute the same. <br /> Bonnie Hammersley said in November 2014 the median income was increased to <br /> 115% and the fee simple deed language "unrestricted" was not included. She said this change <br /> has been made and the unrestricted language is now included. <br /> PUBLIC COMMENT: <br /> Robert Dowling, Executive Director, Community Home Trust (CHT), said the Board is <br /> the first governmental body to discuss this item, and they have been talking about this <br /> agreement for two years. He said a shared set of expectations is desired and should have <br /> been in place years ago. He said the CHT is a creation of local governments. He said the <br /> CHT has done a variety of things for local governments, but in the past 12 years the focus has <br /> been on inclusionary housing mostly in Chapel Hill. He said the CHT has been successful, <br /> and there are 240 homes in their inventory of affordable homes. He said the challenges faced <br /> by the CHT are financial. He said 99-year ground leases are being assigned, and the <br /> organization needs to be viable and well run. He said there has been no increase in funding in <br /> 7 years which is not sustainable. He said the agreement offers a model for funding the <br /> organization. <br /> Commissioner Rich said she was on the CHT Board before Commissioner Price, and a <br /> good portion of their meetings were spent talking about this proposal. She said at the AOG <br /> there was an overall positive feel from all the local governments. <br /> Commissioner Jacobs said affordable housing is a nationwide problem. He said this <br /> has been a long time community effort. <br /> A motion was made by Commissioner Rich, seconded by Commissioner Price for the <br /> Board to approve the Interlocal Agreement and authorize the Manager to execute the same. <br /> VOTE: UNANIMOUS <br />