Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 4, 2016 <br /> Action Agenda <br /> Item No. 7-b <br /> (Proposed) <br /> SUBJECT: Downtown Housing Improvement Corporation, Inc.'s (DHIC) Request to Reduce <br /> Orange County's 99 Year Affordability Period for the Greenfield Place Project to 40 <br /> Years <br /> DEPARTMENT: Housing, Human Rights and <br /> Community Development <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Long Term Affordability Policy Audrey Spencer-Horsley, Director, <br /> (919) 245-2490 <br /> PURPOSE: To consider a reduction of the County's long term affordability period as requested <br /> by Downtown Housing Improvement Corporation (DHIC), Inc. from 99 years to 40 years for the <br /> Greenfield Place project in the Town of Chapel Hill (Representatives from DHIC will be available <br /> during the meeting to address questions.). <br /> BACKGROUND: On May 5, 2015 the Board approved the Orange County FY 2015-2016 <br /> HOME Program Design recommended by the Orange County Consortium Program Review <br /> Committee. Participants in the HOME Consortium are Orange County and the Towns of <br /> Carrboro, Chapel Hill, and Hillsborough. Under the HOME Program Design, funds in the <br /> amount of $154,500 were approved for the Downtown Housing Improvement Corporation, Inc. <br /> (DHIC) to support the new construction of eighty (80) apartment homes known as Greenfield <br /> Place for households at less than sixty percent (60%) area median income (AM I). This is a Low <br /> Income Housing Tax Credit (tax credits) development and will be located on Legion Road in <br /> Chapel Hill on land to be donated by the Town of Chapel Hill. <br /> The County's Long Term Housing Affordability Policy establishes the acceptable strategies for <br /> ensuring long term affordability in affordable housing programs supported by County financial <br /> resources. Housing projects that are funded with Orange County HOME Program funds have <br /> been subject to the County's 99 year long term affordability period that includes recorded deed <br /> restrictions. <br /> DHIC has requested that the County reduce the 99 year affordability period to 40 years for the <br /> Greenfield Place development. DHIC has expressed that the 99 year requirement makes <br />