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4 <br /> ORANGE COUNTY <br /> NORTH CAROLINA Orange County, North Carolina <br /> Orange County Affordable Housing Strategic Plan: <br /> 2016 - 2020 <br /> EXECUTIVE SUMMARY <br /> A. NEED FOR AFFORDABLE HOUSING <br /> Every resident of Orange County, North Carolina deserves a decent, safe, sound and <br /> affordable place to live, in a neighborhood that provides opportunities to succeed. <br /> The market alone is not always able to meet that need, and, accordingly, <br /> governments at all levels must work together to help. Orange County's shortage of <br /> affordable housing has reached a crisis. Much of the housing in Orange County is <br /> not affordable to low- and moderate-income households and working families who <br /> are oftentimes cost burdened by 30% or more in their housing costs. <br /> This Orange County Affordable Housing Strategic Plan: 2016 -2020 (AHSP) has <br /> been developed as the County's long-range vision for addressing affordable housing <br /> needs over the next five (5) years. The AHSP analyzes the current housing market, <br /> examines trends in the housing market economic opportunities of Orange County, <br /> identifies shortcomings in affordable housing countywide, determines goals for the <br /> next five years, and proposes strategies to meet those goals. <br /> The AHSP focuses on the status and interaction of four (4) fundamental conditions <br /> within the community: <br /> o The rental and homeowner housing market; <br /> o Economic trends, specifically in terms of household income; <br /> o The provision of financial assistance for dwellings; <br /> o Public policies and actions affecting affordable housing; <br /> The methodology employed to undertake the AHSP includes: <br /> • Research <br /> Demographic data for the County for purposes of analysis included: <br /> o the U.S. Census, American Community Survey and the HUD <br /> Comprehensive Housing Affordability Strategy (CHAS) data and tables <br /> and other federal and state programs and local data sources <br /> o A review of the affordable housing objectives and policies of Orange <br /> County, Chapel Hill, Carrboro, and Hillsborough <br /> o A review of local real estate and mortgage practices <br /> Draft Affordable Housing Strategic Plan <br />