Agenda - 09-08-2016 - 1 - Discussion of the Proposed Orange County FY 2016 - 2020 Affordable Housing Strategic Plan

Browse Search

23 Orange CounEy AFFORDABLE HOUSING STRATEGIC PLAN 2016 -2020 BOCC Work E n September 8, 2016 and students. Durham-based nonprofit community developer Self-Help is utilizing a $3 million no-interest loan from UNC- Chapel Hill to lead the acquisition and resale of properties in the Northside that would be used for housing opportunities, for home ownership and rental, consistent with the community's goals and vision. Self-Help's work is done with direct support from the grassroots nonprofit Jackson Center, and in close collaboration with neighborhood residents, non-profit housing providers, and other partners. Implementation of the Northside Neighborhood Initiative is facilitated through a contract between Self-Help and the Town of Chapel Hill. Self Help uses the phrase "land bank" to mean a mechanism by which property can be strategically acquired, assembled, and converted to serve a community purpose. Self-Help formed the Northside land bank to gain control of key properties that can help support neighborhood goals. Self-Help's goal is to acquire properties from owners looking to sell, and make these properties available for purchase by homeowners, non-profit housing providers, and other developers responsive to neighborhood interests. It advances ongoing efforts of non-profit organizations like EmPOWERment, Inc., Habitat for Humanity, and the Community Home Trust, that have worked together over the years to promote and to build affordable housing and to conserve the unique strengths of the neighborhood. An individual buyer or organization can be added to the contact list maintained by the Jackson Center for when homes become available. Land Trust Land Trusts and Land Banks are different. Land trust is a private non-profit entity and land bank is a government (agency) authority. Land trust is primary focus is to protect natural resources and permits very limited, if any, development activities; a land bank will acquire and manage properties and then transfer them to third parties for whatever priority uses are locally determined, including affordable housing, mixed-use development or green spaces. A land trust anticipates holding legal title to the property indefinitely; a land bank holds legal title only until an eligible transferee can be identified. A land trust targets for acquisition specific tracts of land that it acquires by purchase or donation; a land bank acquires abandoned land wherever it happens to be located. A land trust possesses only such powers as are available under federal and state law to not-for-profit corporations; a land bank possesses a broad range of governmental powers authorized by state statute and intergovernmental agreements. A land trust is generally dependent on philanthropic contributions for its operating budget; a land bank may possess a range 21