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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: November 15, 2016 <br /> Action Agenda <br /> Item No. 7-d <br /> SUBJECT: Cancellation of a Declaration of Restrictive Covenants <br /> DEPARTMENT: Housing, Human Rights & <br /> Community Development <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Declaration of Restrictive Covenants Audrey Spencer-Horsley, (919) 245- <br /> November 9, 2016 Memo from Robert 2490 <br /> Dowling <br /> PURPOSE: To consider cancelling the declaration of restrictive covenants on real property (a <br /> single family home) located at 305 Pleasant Drive, Carrboro, NC. <br /> BACKGROUND: Housing projects that are funded with Orange County HOME Program funds <br /> are subject to the County's 99-year long-term affordability policy. Community Home Trust <br /> (CHT), formerly known as Orange County Housing and Land Trust (OCHLT), is requesting to <br /> sell one of the affordable homes out the housing portfolio. The home, located at 305 Pleasant <br /> Drive, Carrboro, NC was purchased by OCHLT in June 2000 and renovated in 2002 using <br /> $30,000 of HOME funds. The property was then sold to a low-income homebuyer. <br /> CHT re-purchased the home from the owner in 2014 and has determined that it is not in a <br /> suitable condition to convey to a new buyer without extensive renovations. CHT estimates that it <br /> will take more than $100,000 to remodel the home. The declaration of restrictive covenants will <br /> need to be cancelled in order for CHT to provide clear title. The property will be sold on the <br /> private market. The attached memorandum from CHT Executive Director Robert Dowling <br /> provides additional background information. <br /> FINANCIAL IMPACT: Up to $30,000 in net proceeds will be returned to the HOME program. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable <br /> to this 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 />