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require substantial local, state, and federal investment. Proposed <br />actions during the five -year period include: <br />(1) New construction of low- income rental projects with a majority <br />of three - bedroom units using Low Income Housing Tax Credits <br />(LIHTC) will be supported by participating jurisdictions through <br />assistance with applications for gap financing from the N.C. <br />Housing Trust Fund, the small cities CDBG program, the <br />Federal Home Loan Bank of Atlanta Affordable Housing <br />Program, new initiatives under the National Affordable Housing <br />Act of 1990, and local sources of funds as available. <br />(2) The County will continue to provide Section 8 vouchers and <br />certificates to families as they are available through HUD. <br />(3) The Town of Chapel Hill will continue to operate its public <br />housing and those located in the Town of Carrboro, <br />undertaking a rehabilitation and renovation program using <br />CDBG entitlement and Comprehensive Improvements and <br />Assistance Program (CIAP) funds. In addition, the Town of <br />Chapel Hill is constructing 24 new units of public housing using <br />a combination of HUD development funds, Town, and CDBG <br />entitlement funds, expected to be completed in 1992. <br />(4) For older adults, applications for Section 202 assistance will <br />continue as projects arise, including a current proposal from <br />New Covenant United Church of Christ for 50 units. <br />(5) The Mental Health Association in Orange County, with <br />assistance from Orange Community Housing Corporation and <br />the State Mental Health Association, is applying to HUD for <br />funds to construct 14 apartment units for persons with mental <br />illness. <br />(6) The Town of Carrboro has established rental rehabilitation <br />programs through both the N.C. Housing Finance Agency and <br />CDBG small cities programs. Funds are still available under <br />that program. <br />(7) The Town of Chapel Hill will consider establishing a fund for <br />land acquisition and pre - development costs. <br />b. Homeownership Opportunities. GOAL: Construction of new or <br />substantially rehabilitated housing units that are affordable to <br />families below 80% of the area median, with mortgage payments <br />(principal and interest) below $700. Priority will be given to <br />projects that provide homeownership opportunities for families <br />below 60% of the area median, with mortgage payments below <br />$550. All groups that have studied the housing need in Orange <br />County agree that little or no opportunities exist for homeownership <br />for families with incomes below 80% of the area median. The <br />30 <br />