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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 9, 2006 <br />Action Agenda <br />Item No. ~-q <br />SUBJECT: Community Development Block Grant Award - IDA Program <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Program Summary Tara L, Fikes, 245-2490 <br />Grant Agreement <br />Funding Approval Form <br />Signatory Form and Certification <br />Resolution <br />PURPOSE: To approve the execution of the Grant Agreement; Funding Approval Form; <br />Signatory Form and Certification cards; and Resolution for the FY 2005 Community <br />Development Block Grant Award, <br />BACKGROUND: Orange County has now been officially awarded a $50,000 Community <br />Development Block (CDBG) Grant from the N,C. Department of Commerce for an Individual <br />Development Account Program for first-time homebuyers with incomes below 80% of the area <br />median income, The County submitted a formal application for these funds in August 2005. <br />Funds from this grant will be used to match first-time homebuyer participant's savings for a <br />downpayment to purchase their first home. The match ratio is 2:1, For example, if a participant <br />saves $1,000 toward the down payment on a home, their savings are matched with $1,000 in <br />CDBG funding and $1,000 in local funding equating to a 2:1 match of local savings. A program <br />summary is attached, <br />In order to proceed with grant activities, the attached Grant Agreement, Funding Approval form, <br />and Signatory Form and Certification must be executed by the Chair of the Board and returned <br />to the N.C. Department of Commerce. <br />Further, many grant implementation documents that were signed in previous years by County <br />staff are now required to be signed by the Chief Elected Official or the Chair of the Orange <br />County Board of Commissioners. These implementation documents are very routine <br />documents that must be submitted throughout the life of the grant. To facilitate the execution of <br />these documents, a resolution has been prepared to give signatory authority to the Ghair of the <br />Board of Commissioners for all documents required to meet the grant implementation <br />requirements for the FY 2005 CDBG Award in accordance with the Grant Agreement and <br />Funding Approval for this grant award, <br />FINANCIAL IMPACT: This grant represents an available $50,000 for affordable housing <br />initiatives in the County, <br />