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2 <br /> financing challenging and creates issues for the tax credit investor in how it models the project <br /> for tax purposes. According to the agency, the 99 year affordability period may cause <br /> challenges in getting the equity closed in as timely a manner as needed. DHIC also stated that <br /> the 99 year affordability period could also create problems in the future when DHIC will need to <br /> get new financing to make capital improvements to the buildings to keep them in high quality <br /> condition for tenants. <br /> DHIC noted that the affordability requirement for the federal tax credits used in this project is 30 <br /> years. The Town of Chapel Hill, which is also a partner in this project, is requiring a 32 year <br /> affordability period. <br /> FINANCIAL IMPACT: There is no financial impact associated with this item. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable <br /> to this agenda item: <br /> • GOAL: FOSTER A COMMUNITY CULTURE THAT REJECTS OPPRESSION AND <br /> INEQUITY <br /> The fair treatment and meaningful involvement of all people regardless of race or color; <br /> religious or philosophical beliefs; sex, gender or sexual orientation; national origin or <br /> ethnic background; age; military service; disability; and familial, residential or economic <br /> status. <br /> • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY <br /> The creation and preservation of infrastructure, policies, programs and funding necessary <br /> for residents to provide shelter, food, clothing and medical care for themselves and their <br /> dependents. <br /> • GOAL: CREATE A SAFE COMMUNITY <br /> The reduction of risks from vehicle/traffic accidents, childhood and senior injuries, gang <br /> activity, substance abuse and domestic violence. <br /> • GOAL: ESTABLISH SUSTAINABLE AND EQUITABLE LAND-USE AND <br /> ENVIRONMENTAL POLICIES <br /> The fair treatment and meaningful involvement of people of all races, cultures, incomes <br /> and educational levels with respect to the development and enforcement of <br /> environmental laws, regulations, policies, and decisions. Fair treatment means that no <br /> group of people should bear a disproportionate share of the negative environmental <br /> consequences resulting from industrial, governmental and commercial operations or <br /> policies. <br /> RECOMMENDATION(S): The Manager recommends that the Board approve a 40-year <br /> housing affordability period for the DHIC, Inc. Greenfield Place project. <br />