Agenda - 11-15-2016 - 7-d - Cancellation of a Declaration of Restrictive Covenants

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11 Date: November 9, 2016 UNi/OOaiiia0000i/iial J1fr f ai/ To: Chair McKee and the Orange County Board of Commissioners ��t From: Robert Dowling, Community Home Trust Executive Director d d Re: Selling 305 Pleasant Drive out of our inventory, , In October 2014, the board of Community Home Trust approved selling the Home Trust home located at 305 Pleasant Drive in Carrboro out of our inventory of affordable homes. We purchased the home from the prior owner in August 2014 because we determined the home would be too expensive to renovate. BOARD OF DIRECTORS This home was the first home brought into the newly formed community land trust in June 2000. The original owner sold it back to us in June 2002 and complained Jennifer Ferris about the high heating and cooling costs. We then renovated the home, using President $30,000 of HOME funds and sold it again in March 2003. That owner remained in Emily Hinkle the home until August 2014. Vice President We purchased the home because we could not expect the homeowner to correct Gordon Merklein the many deficiencies that would need to be addressed (most of which existed in Secretary 2003). The deficiencies were identified in the inspection report we commissioned from a licensed home inspector in May 2014. The major work identified in that Ken Reiter report includes the following: Treasurer • Need to upgrade the electrical system George Barrett • Raise the back part of the house off the ground • Remove the giant oak tree that looms over the home David Brehmer • Remove the interior chimney and make repairs to roof and flooring Kathleen Ferguson • Evaluate structural integrity of foundation • Remove or rebuild staircase to code Sally Greene • Evaluate plumbing upgrades Kelley Gregory We estimated this work would cost more than $100,000. Since we already had Debra Ives about $157,000 invested in the home ($30,000 of which was HOME funds), I recommended to the Home Trust board that we sell the home out of our inventory. Michelle Johnson At the October 2014 Home Trust board meeting, the board discussed my request Jim Merritt to sell the home. The board recognized that investing an additional $100,000 (or more) of subsidy in one home was not a good investment or a good use of scarce Ava Miles subsidy funds. After much discussion, the board approved selling the home. Charles Mills Before initiating the sale of the home, we approached the Carrboro Board of Penny Rich Aldermen, who asked us to delay selling the property until they had an opportunity to assess the situation more thoroughly. In the spring and summer of 2015, the Executive Director Town of Carrboro staff inspected the property and determined that renovations Robert Dowling would cost approximately $75,000. The Town did not opt to invest that money into the home and the Town Manager gave us permission to sell the home out of the inventory in August 2015. P C� 1ROx 2315,Chapel Hill, NC 27515 1 9119967 11545 JIU i u?01 � �/( q">i"fld� f N!IIPUP w "ii ........ ..... ..... ..... ..... ..... ...... ......... ......... ......... ......... d!llubJQ>G�a.ii rQ�uOrr>d'�'>rurlaW[AA ju!