Agenda - 05-15-2007-6d - Laserfiche WebLink

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Future Demand Overall, Orange County is expected to experience a 1.3 percent annual population growth rate between 2005 and 2020. The projected population growth rate estimates are: Between 2005 and 2010 - 7.38 percent, or 2.1 percent annually; and Between 2010 and 2020 - 13.36 percent or 1.33 percent annually. In real terms, Orange County is expected to add 1,064 households per year for the balance of the decade.5 None of the communities in Orange County are expected to experience a decline in growth. Strategies for Future Action Orange County and the Towns of Chapel Hill, Carrboro, and Hillsborough should ^ Increase the capacity of an existing non-profit county-wide developers, or establish such an entity to act, as an owner and manager of acquired multifamily units and develop affordable single family units. ^ Regarding rental units older, large complexes with high vacancy rates are candidates for low income housing tax credit ("t_IHTC") or non-profit bond acquisition and rehabilitation. ^ Current efforts in Chapel Hill to encourage developers to build affordable units as part of new developments of five or more units should be expanded to include the entire County and strengthened. ^ Resale of the affordable properties should be restricted based on one or more of several different types of affordability clauses. Examples include: - An affordability clause that permits the buyer to retain appreciation in the property in relationship to the original purchase price. For example, if a buyer purchases the home at $200,000 and the appraised market value of the home is $260,000 in the current market, then the buyer may only retain the appreciation upon sale that is greater than $60,000. - A restricted resale provision which only allows sale of the property to a family at below the requisite median income at the time of sale. - Aland lease that requires the resale of the property to the countywide non-profit at the acquisition price plus some form of appreciation defined by the County. ^ Developers who wish to opt out of the requirement should be allowed to make a contribution to a countywide non-profit equal to the difference in price between the unit the developer builds and the required affordable unit. The countywide non-profit could then use those funds to: - Acquire, rehabilitate, and sell existing housing at affordable levels; - Acquire units in condominium properties which can be subsidized, restricted and resold to affordable buyers; - Build new restricted units for sale. s North Carolina State, Populations Estimates 2000 - 2003. The increase in population over the three year period established the current growth rate on an annual basis. This growth rate differs slightly from overall State projections, yielding an overall household growth rate about 10% higher than the State projection.