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2 <br /> The affordable housing appropriation could be used for several purposes. First, the County <br /> could acquire or begin the acquisition of affordable units that are financially distressed and in <br /> jeopardy of being removed from the existing stock of affordable units. The purchase of any <br /> property would be subject to final approval of the Board of Orange County Commissioners. <br /> The Affordable Housing Strategic Plan also recommends additional investments in the urgent <br /> repair and housing rehabilitation programs. The Plan recommends an investment of $200,000 <br /> to eliminate the waiting list for the urgent repair program and an additional $200,000 to <br /> rehabilitate an additional seven homes. If the Plan is approved by the Board, the affordable <br /> housing appropriation would allow the County to immediately begin addressing these needs. <br /> FINANCIAL IMPACT: The financial impact is the use of $2.8 million of Unassigned General <br /> Fund Balance in excess of the established fund balance policy of 17%. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable <br /> to this agenda item: <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> RECOMMENDATION(S): The Manager recommends that the Board approve the <br /> recommended uses of the $2.8 million in excess of 17% General Fund unassigned fund balance <br /> policy for: <br /> • $1 million of the excess fund balance to fund Affordable Housing Projects; and <br /> • $1.8 million of the excess fund balance to be used to fund priorities identified in the <br /> FY2016-17 budget. <br />