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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 20, 2017 <br /> Action Agenda <br /> Item No. 6-c <br /> SUBJECT: Community Home Trust Acquisition of The Landings at Winmore <br /> DEPARTMENT: Housing, Human Rights and <br /> Community Development <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Letter from Community Home Trust Annette M. Moore, Interim Director, <br /> Housing Human Rights and <br /> Community Development (919) 245- <br /> 2492 <br /> PURPOSE: To consider approving Community Home Trust's request, as outlined in the <br /> attached letter, for BOCC approval of the acquisition of The Landings at Winmore, and to modify <br /> the terms of the Development Agreement attached to the property to allow the acquisition of the <br /> property. <br /> BACKGROUND: In 2007, Orange County as a member of the Orange County HOME <br /> Consortium awarded Community Home Trust and The Landings at Winmore, LLC $300,000 in <br /> HOME funds to acquire land in Carrboro to develop a low income tax credit property. The <br /> property, The Landings at Winmore, is a fifty-eight (58) unit tax credit housing development with <br /> rental housing specifically for 15 families earning less than 40% area median income ("AM I"), 21 <br /> families earning less than 50% AMI and 22 families earning less than 60% of AMI. <br /> On April 13, 2011 Orange County entered into a Development Agreement with The Landings at <br /> Winmore LLC, Crosland LLC, Community Home Trust, outlining the terms of the loan. In <br /> addition, the parties entered into a declaration of restrictive covenant ensuring the long term <br /> affordability of the project and a deed of trust and promissory note securing the loan on the <br /> property. The loan of HOME funds to the Landings at Winmore, LLC was a 30-year loan at two <br /> percent (2%) interest with a monthly payment of $1,108.86. The balance of the loan is currently <br /> $252,090.51. <br /> In a separate agreement, the Community Home Trust (formerly The Orange Community <br /> Housing and Land Trust) was given an option, by the Owners of the property, to purchase the <br /> units at the end of the tax-credit qualifying period of sixteen years. <br /> The Owners of the Landings at Winmore are now interested in transferring the property to the <br /> Community Home Trust. The affordability restrictions attached to the property would continue to <br /> insure that the apartment units would be rented to individuals and families earning 60% or less <br />