Low to Moderate Income Task Force Agenda Abstract - 6-6-1988, Item E2

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- 017 STAFF REPORT PAGE 11 Staff has requested that the NC Housing Finance Agency consider Orange County to participate in a demonstration Downpayment Assistance Program the agency will launch in the Summer of 1988. ti E. INITIATE ARRAMMEETS TO FACILITATE INVESTMENTS UNDER THE LOW INCOME HOUSING TAX CREDIT ALLOWANCE, FOR PURPOSES OF CONSTRUCTION OF NEW LOW AND MODERATE INCOME HOUSING. PUBLICIZE TEE NEED FOR SUCH INVESTMENTS AND THE AVAILABILITY OF INFORMATION AND INVESTMENT CONTACTS THROUGH THE HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT. STAFF RESPONSE Information and technical, assistance on the Low Income Housing Tax Credit Program is available in the County Housing and Community Development Office to interested non-profit organizations. F. CONSIDER PURCHASE OF LARGE PARCELS OF LARD WITHIN AREAS SCHEDULED FOR URBAN SERVICES, FOR THE PURPOSE OF LONG TERM DEVELOPMENT OF INFRASTRUCTURE AND SALE OF LOTS AND PUD SITES, PROVIDING DEFERRED REPAYMENT OF INFRASTRUCTURE COSTS BY QUALIFYING MODERATE INCOME PURCHASERS. STAFF RESPONSE Acquisition of additional parcels is being investigated by the Housing and Community Development Department. G. CONTINUE CONTACTS WITH THE FARMERS HOME ADMtINISTRATION TO =COURAGE AVAILABILITY OF PROGRAM FUNDS TO ORANGE COMITY RESIDENTS, ALLOWING FOR THE NEEDS OF MODERATE INCOME CLIENTS AID FOR NIGH PRICES ON THE LOCAL REAL ESTATE MARKET, AND TA= =MEDIATE STEPS TO ENCOURAGE AUTHORIZATION OF LOCAL MOBILE HOME DEALERS FOR SALES ELIGIBLE FOR FMHA LOANS AND SUBSIDIES. STAFF RESPONSE The Orange County Farmers Home Administration office presently administers two programs-FmHA 502 -Homeownership Program and the FmBA 504 -Rural Rehabilitation Program. Many FmHA programs are available to non-profit housing organizations which again stresses the need for a such an agency in the County. Staff will continue to stress to the local office the need to make program funds available to County residents.