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ORANGE COUNTY 1 <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 1, 2015 <br /> Action Agenda <br /> Item No. 6-m <br /> SUBJECT: Approval of Revised Resolutions for the Orange County FY 2014-2015 HOME <br /> Program Design and Orange County FY 2015-2016 HOME Program Design for <br /> Habitat for Humanity Homeownership Assisted Projects <br /> DEPARTMENT: Housing, Human Rights and PUBLIC HEARING: (Y/N) No <br /> Community Development <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> 1) May 2014 Approved Resolution Audrey Spencer-Horsley, Director <br /> Authorizing the Orange County FY (919) 245-2490 <br /> 2014-2015 HOME Program Design <br /> 2) May 2015 Approved Resolution <br /> Authorizing the Orange County FY <br /> 2015-2016 HOME Program Design <br /> 3) September 2015 Mark-up Version of <br /> Amended Resolution Authorizing the <br /> Orange County FY 2014-2015 HOME <br /> Program Design <br /> 4) September 2015 Mark-up Version of <br /> Amended Resolution Authorizing the <br /> Orange County FY 2015-2016 HOME <br /> Program Design <br /> PURPOSE: To approve revised resolutions for the 2014-2015 and 2015-2016 HOME Program <br /> Designs approved by the Board in May 2014 and May 2015 as follows: <br /> 1) For the FY 2014-2015 Resolution Authorizing the Orange County FY 2014-2015 HOME <br /> Program Design, approve a revision authorizing Habitat for Humanity to provide deferred <br /> payment, zero interest second mortgages for nine (9) homes instead of ten (10) <br /> throughout Orange County as requested in Habitat's application for HOME funding; and <br /> 2) For both the FY 2014-2015 Resolution Authorizing the Orange County FY 2014-2015 <br /> HOME Program Design and the FY 2015-2016 Resolution Authorizing the Orange <br /> County FY 2015-2016 HOME Program Design, approve revisions for the use of HOME <br /> funds for the purchase of Habitat for Humanity homes by households with incomes that <br /> initially meet the 65% of Area Median Income (AMI) eligibility requirement, and <br /> subsequently have an increase in income during the construction period and prior to <br /> closing as long as the increase in income of the households do not exceed 80% of AMI <br /> as allowable under the HOME program. The maximum income amount allowable by the <br /> U.S. Department of Housing and Urban Development for HOME funded projects is 80% <br /> of AMI. <br /> BACKGROUND: The Resolution Authorizing the Orange County FY 2014-2015 HOME <br /> Program Design approved by the Board of County Commissioners on May 8, 2014 allocated <br />