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7 <br /> 1 <br /> 2 • Total Affordable Housing Operating Budget - $1,218,000 <br /> 3 o Achieves Board of Commissioner's goal to dedicate at least $1.0 million of <br /> 4 operating funds to affordable housing <br /> 5 <br /> 6 • Proposed Amendment: My Brother's Keeper operating funds - $4,000 <br /> 7 <br /> 8 Draft Affordable Housing Plan <br /> 9 0 1,000 units over 5 years <br /> 10 • Acquisition, construction, urgent repair, assisted housing, and rehabilitation of <br /> 11 the existing housing stock <br /> 12 <br /> 13 • Area Median Income (AMI) HUD Definitions <br /> 14 o Durham Chapel Hill MSA AMI - $74,900 <br /> 15 o Extremely low income— up to $24,300 (30% AMI) <br /> 16 o Very low income — up to $35,350 (50% AMI) <br /> 17 o Low income (Low/Moderate)— up to $56,550 (80% AMI) <br /> 18 • Draft Plan Recommendations <br /> 19 o 250 units — Income of 0% to 50% AMI <br /> 20 o 250 units — Special Needs <br /> 21 o 500 units — Income of 50% to 80% AMI <br /> 22 <br /> 23 Travis Myren referred to the yellow sheet at the Commissioners' places, Annual Income <br /> 24 by Occupation in Orange County, and the green sheet, which showed comparative statistics on <br /> 25 Housing and Affordability. <br /> 26 Commissioner Jacobs referred to the yellow sheet and asked if teachers should be <br /> 27 included in this list. <br /> 28 Travis Myren said staff will research the average teacher salary for the Board. <br /> 29 Commissioner Jacobs said he also does not see Sheriff's Deputies or Police Officers on <br /> 30 the list. <br /> 31 Travis Myren said staff will also get that information for the Board. <br /> 32 Chair McKee asked if this funding would cover the expenses of this program. <br /> 33 Travis Myren yes. He resumed the presentation: <br /> 34 <br /> 35 0 Low Income— 250 units <br /> 36 • Target population — 0% to 50% AMI <br /> 37 • Up to $35,350 for family of four <br /> 38 • Potential examples <br /> 39 o New affordable units with affordability guarantee/incentive <br /> 40 • Construction <br /> 41 • Renovation <br /> 42 • Acquisition with affordability guarantees <br /> 43 o Increase availability of existing units <br /> 44 • Housing locator staff person <br /> 45 • Security deposit risk mitigation fund <br /> 46 <br /> 47 0 Example Projects — New Construction <br /> 48 • DHIC - Greenfield Place, Chapel Hill <br /> 49 o Town contributed 9 acres with assessed value of$2 million <br /> 50 o Low Income Housing Tax Credit Equity <br />