Agenda - 04-01-1992 - Laserfiche WebLink

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months. The town exacts no impact fees on development other than those required to provide appropriate infrastructure. C. PROGRAMS SERVICES AND SPECIAL INITIATIVE STRATEGIES. Generally, the participating jurisdictions will continue to use funds available through CDBG small cities, CDBG entitlement, N.C. Housing Finance Agency, other HUD programs including new initiatives under the 1990 Act, and local appropriations to carry out housing development programs, with emphasis on new construction and rehabilitation to create new units of both rental and owner - occupied housing, along with related public improvements that reduce the cost of housing development. Local funds for gap financing for rental projects or homebuyer second mortgages for owner - occupied units will be considered on a project -by- project basis, based on the specific financing needs of the projects proposed and availability of local funds. While none of the participating jurisdictions have ongoing housing assistance programs funded from local sources, for the past three years, the Town of Chapel Hill has allocated approximately $150,000 from general revenues for low income housing, representing the revenues from approximately one penny of the local tax rate. Those funds, combined with the Housing Loan Trust Fund, have supported the Tandler and Culbreth Park homeownership initiatives. The Housing Loan Trust Fund was established in early 1970's with federal General Revenue Sharing funds for the purpose of subsidizing mortgages for low and moderate- income homebuyers, and funds remain in the Housing Loan Trust Fund for future homeownership initiatives. Recently, Orange Community Housing Corporation (OCHC), a nonprofit housing development corporation, was established and funded as a cooperative effort of all local governments in the county. Orange County, Chapel Hill, and Carrboro share the cost of operation of OCHC. Orange County and the Town of Carrboro have both committed ongoing local administrative assistance to the CDBG small cities program. Affordable Housing. a. Rental Housing. GOAL: Both the Orange County Low and Moderate Income Housing Task Force and the Public Private Partnership Affordable Housing Task Force recommended construction of up to 50 new units of affordable rental housing each year, or 20% of the public housing waiting list. The Chapel Hill Comprehensive Plan states a goal of 35 new rental units each year affordable to very low and low income families. Priority will be given to projects with projected rents at or below those established for the Low Income Housing Tax Credit program, affordable to families with incomes below 60% of the area median, with at least three bedrooms. Meeting this goal will K1.1