Agenda - 03-09-1992 - Laserfiche WebLink

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1 ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No.=-D ACTION AGENDA ITEM ABSTRACT Meeting Date: March 9, 1992 SUBJECT: Whitted Forest Housing Development Program Development Agreement DEPARTMENT: Housing /Community Dev. PUBLIC HEARING YES: x NO: -------- --------- --- - - --- -- ATTACHMENT(S): INFORMATION CONTACT: Tara L. Fikes Development Agreement TELEPHONE NUMBER- Hillsborough - 732 -8181 Chapel Hill - 968 -4501 Mebane - 227 -2031 Durham - 688 -7331 PURPOSE: - -- To- approve -the Development Agreement with the Hillsborough Affordable Housing Corporation for the Whitted Forest Housing Project. _ BACKGROUND: In October 1991, the County received a preliminary award of $250,000 in Community Development funds to assist the Hillsborough Affordable Housing Corporation (HAHC) with the con- struction of a 35 rental unit development known as Whitted Forest. In order to make the award final and receive funds, certain conditions must be fulfilled. These conditions are: 1. A legally enforceable agreement between the County and the Hillsborough Affordable Housing Corporation that is will carry out the activities proposed in the original grant application. 2. A copy of HAHC's Articles of Incorporation. 3. Evidence of HAHC's application to the IRS for 501(c)(3) tax - exemption status. 4. Documentation that all non -CDBG funds necessary to complete the project are committed, specifically, construction financing. Since preliminary award, County staff has been working with HAHC to fulfill these requirements. To date, Conditions 2 and 3 have been accomplished. Financing commitments ( #4 above) should all be in place by March 30, 1992. Thus, the only outstanding requirement would be the execution of a Development Agreement with Hillsborough Affordable Housing Corporation obligating them to carry out the development of Whitted Forest.