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ATTACHMENT 1 <br /> COMMUNITY HOME TRUST <br /> PURPOSE/MISSION: ' . <br /> To strengthen our community with affordable homeownership opportunities for low-and <br /> moderate-income households. °""''' - <br /> HOM <br /> PROGRAM: TRUST <br /> •Homeownership Program <br /> PROPOSED SERVICES: n <br /> Community Home Trust implements inclusionary housing programs in Chapel Hill and 1 k'4 t <br /> Carrboro to provide affordable homeownership opportunities for low-to moderate- �r - <br /> income people.This has long been a public policy priority for Orange County.Home Trust <br /> properties have resulted from inclusionary housing policies,whereby developers are - <br /> asked to make 15 percent of new homes affordable to buyers earning 80 percent of the <br /> area median income.As a result of these policies in Chapel Hill,we have sold more than — I <br /> 130 homes in such developments as Larkspur,Vineyard Square,Meadowmont,East 54, <br /> Greenbridge, 140 West Franklin and Burch Kove. P, <br /> Another aspect of our business is our property management program,which is designed j` <br /> to ensure that our homes are well maintained.We revised our model in early 2007 to <br /> collect a monthly stewardship fee that is dedicated to the long-term maintenance of each <br /> new property in the Home Trust.Since then,we have assumed property management <br /> responsibilities for three homeowners'associations in our program.We offer full property <br /> management services to the 62 homeowners living in these three developments.As new <br /> homes come into the Home Trust and existing homes resell,our property management <br /> responsibilities will increase.We believe property management is essential to the long- <br /> term maintenance and sustainability of Home Trust homes. <br /> PERFORMANCE MEASURES FY2015-16 Fstimat d Projected <br /> Actual Estimated Projected <br /> #of applicants each year 100 200 220 <br /> #of days on market(Resale agreement to contract) 41 days 53 days 50 days <br /> #completing financial counseling,homebuyer workshop,or home 122 160 155 <br /> maintenance class <br /> AGENCY BUDGET FY2015-16 FY2016-17 FY2017-18 <br /> Actual Estimated Projected <br /> Total Budget $832,966 $886,636 $908,621 <br /> Agency Request-Orange County Contribution $231,000 $200,026 $205,353 <br /> County Manager Recommended $231,000 $200,026 $205,353 <br /> Application Ranking 88 86 99 <br /> 30 <br />