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26 <br /> 1 The Board considered accepting the FY2017-22 Orange County Five-Year Capital <br /> 2 Investment Plan, and approving the Orange County CIP Projects of$24,495,770 for FY2017- <br /> 3 18. <br /> 4 <br /> 5 A motion was made by Commissioner Rich, seconded by Commissioner Burroughs for <br /> 6 the Board to accept the FY2017-22 Orange County Five-Year Capital Investment Plan, and <br /> 7 approve funding for FY2017-18, as stated in Attachment 2, Year 1 (FY2017-18) in the Capital <br /> 8 Investment Plan; and adopt the FY2017-18 County Capital projects as stated in Attachment 3 <br /> 9 and FY2017-18 School Capital projects as stated in Attachment 4. <br /> 10 <br /> 11 VOTE: UNANIMOUS <br /> 12 <br /> 13 c. Community Home Trust Acquisition of The Landings at Winmore <br /> 14 The Board considered approving Community Home Trust's request, as outlined in the <br /> 15 attached letter, for BOCC approval of the acquisition of The Landings at Winmore, and <br /> 16 modifying the terms of the Development Agreement attached to the property allowing the <br /> 17 acquisition of the property. <br /> 18 Annette Moore, Housing, Human Rights, and Community Development Interim Director, <br /> 19 reviewed the background information: <br /> 20 <br /> 21 BACKGROUND: <br /> 22 In 2007, Orange County as a member of the Orange County HOME Consortium awarded <br /> 23 Community Home Trust (CHT) and The Landings at Winmore, LLC $300,000 in HOME funds to <br /> 24 acquire land in Carrboro to develop a low income tax credit property. The property, The <br /> 25 Landings at Winmore, is a fifty-eight (58) unit tax credit housing development with rental <br /> 26 housing specifically for 15 families earning less than 40% area median income ("AMI"), 21 <br /> 27 families earning less than 50% AMI and 22 families earning less than 60% of AMI. <br /> 28 <br /> 29 On April 13, 2011 Orange County entered into a Development Agreement with The Landings at <br /> 30 Winmore LLC, Crosland LLC, Community Home Trust, outlining the terms of the loan. In <br /> 31 addition, the parties entered into a declaration of restrictive covenant ensuring the long term <br /> 32 affordability of the project and a deed of trust and promissory note securing the loan on the <br /> 33 property. The loan of HOME funds to the Landings at Winmore, LLC was a 30-year loan at two <br /> 34 percent (2%) interest with a monthly payment of $1,108.86. The balance of the loan is currently <br /> 35 $252,090.51. <br /> 36 <br /> 37 In a separate agreement, the Community Home Trust (formerly The Orange Community <br /> 38 Housing and Land Trust) was given an option, by the Owners of the property, to purchase the <br /> 39 units at the end of the tax-credit qualifying period of sixteen years. <br /> 40 <br /> 41 The Owners of the Landings at Winmore are now interested in transferring the property to the <br /> 42 Community Home Trust. The affordability restrictions attached to the property would continue to <br /> 43 insure that the apartment units would be rented to individuals and families earning 60% or less <br /> 44 of area median income. However, a portion of the development agreement that describes the <br /> 45 agency that could purchase the property would need to be modified. <br /> 46 <br /> 47 The current language describes the qualifying agency as an agency that exclusively serves <br /> 48 families with incomes not exceeding 80% of area median household income: <br /> 49 <br />