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7 <br /> • Homeownership and Rehabilitation Projects - $84,150 <br /> o Recommended in draft Affordable Housing Strategic Plan <br /> o Older adults and residents with disabilities <br /> o Average median income under 80% <br /> • Total Affordable Housing Operating Budget - $1,218,000 <br /> o Achieves Board of Commissioner's goal to dedicate at least $1.0 million of <br /> operating funds to affordable housing <br /> • Proposed Amendment: My Brother's Keeper operating funds - $4,000 <br /> Draft Affordable Housing Plan <br /> O 1,000 units over 5 years <br /> • Acquisition, construction, urgent repair, assisted housing, and rehabilitation of <br /> the existing housing stock <br /> • Area Median Income (AMI) HUD Definitions <br /> o Durham Chapel Hill MSA AMI - $74,900 <br /> o Extremely low income — up to $24,300 (30% AMI) <br /> o Very low income — up to $35,350 (50% AMI) <br /> o Low income (Low/Moderate) — up to $56,550 (80% AMI) <br /> • Draft Plan Recommendations <br /> o 250 units — Income of 0% to 50% AMI <br /> o 250 units — Special Needs <br /> o 500 units — Income of 50% to 80% AMI <br /> Travis Myren referred to the yellow sheet at the Commissioners' places, Annual Income <br /> by Occupation in Orange County, and the green sheet, which showed comparative statistics <br /> on Housing and Affordability. <br /> Commissioner Jacobs referred to the yellow sheet and asked if teachers should be <br /> included in this list. <br /> Travis Myren said staff will research the average teacher salary for the Board. <br /> Commissioner Jacobs said he also does not see Sheriff's Deputies or Police Officers <br /> on the list. <br /> Travis Myren said staff will also get that information for the Board. <br /> Chair McKee asked if this funding would cover the expenses of this program. <br /> Travis Myren yes. He resumed the presentation: <br /> O Low Income —250 units <br /> • Target population — 0% to 50% AMI <br /> • Up to $35,350 for family of four <br /> • Potential examples <br /> o New affordable units with affordability guarantee/incentive <br /> • Construction <br /> • Renovation <br /> • Acquisition with affordability guarantees <br /> o Increase availability of existing units <br /> • Housing locator staff person <br /> • Security deposit risk mitigation fund <br />