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3 <br /> Total Rental and Homeownership Units Planned —438 units <br /> New Subsidy Dollars Needed - 298 units (DHIC funded) <br /> Rental (174 units) $ 6,720,000 <br /> Homeownership (124 units) $ 4,620,000 <br /> Urgent Repairs & Rehabilitation (242 units) $ 1,759,000 <br /> Housing Locator $ 200,000 <br /> Risk Mitigation Fund $ 50,000 <br /> Total $13,349,000 <br /> Projected Resources by OCAHC - $12, 550,00 (includes Chapel Hill Development <br /> Reserve and CDBG, Carrboro Affordable Housing Fund, HOME Funds and Orange <br /> County Affordable Housing Bond) <br /> Working cooperatively, sharing resources can identify better opportunities, optimize assets, <br /> have greater impact than separately. <br /> Affordable Housing Gap: Goals and Priorities <br /> Goal: 1000 affordable housing assisted units <br /> • Greatest needs priority: <br /> — rental homes for extremely low income (persons and families with incomes at or <br /> below 30% of median income and special needs populations) - 500 units or <br /> more <br /> — Followed by workforce rental and homeownership assistance for persons and <br /> families at or below 50% to 80% median? — 500 units <br /> Commissioner Dorosin asked if the target income ranges for the 314 planned rental <br /> units are known. <br /> Audrey Spencer Horsley said the full range: less than 30%, and up to 80%. <br /> Commissioner Dorosin said having this information would be useful. <br /> Commissioner Dorosin asked if the statistics about households that are cost burdened <br /> are linked to affordable housing. He said one could live in an expensive house, and still be <br /> cost burdened. <br /> Audrey Spencer Horsley said the cost burden number represents people who are the <br /> lowest income, and of those people how many are paying more than 30% of their income for <br /> housing. <br /> Commissioner Dorosin referred to the roughly 16,000 households on page 3, and <br /> asked if there is a cut off point for these households. <br /> Audrey Spencer Horsley said these households range from those at 30% and 50% of <br /> median income. <br /> Chair McKee asked if the median income could be identified. <br /> Audrey Spencer Horsley said the median income for Orange County is about $72,000 <br /> for a family of four. <br /> Commissioner Pelissier referred to the affordable housing providers listed on page 7, <br /> and asked if these prices assume you have to buy land. <br /> Audrey Spencer Horsley said that information was not provided, but it can be obtained. <br /> Commissioner Pelissier referred to the section urgent repairs and rehab, and asked if <br /> these units are currently occupied affordable housing units which are in danger of being <br /> unlivable. <br />