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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 12, 2017 <br /> Action Agenda <br /> Item No. 6-b <br /> SUBJECT: Amendment to Community Home Trust's Affordable Housing Bond <br /> Development Agreement <br /> DEPARTMENT: Department of Housing and <br /> Community Development <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Attachment 1: Original Agreement Sherrill Hampton, 919-245-2490 <br /> Attachment 2: First Approved Amendment <br /> Attachment 3: Proposed Second Amendment <br /> PURPOSE: To approve an amendment to Community Home Trust's (CHT's) Affordable <br /> Housing Bond Development Agreement to allow for the replacement of HVAC units at the East <br /> 54 Condominiums and to provide rehabilitation funding for homes purchased in the Northside <br /> neighborhood. <br /> BACKGROUND: In 2008, Community Home Trust (CHT) submitted an application for <br /> assistance to provide second mortgages for low to moderate income persons participating in its <br /> homeownership program. The Board of Orange County Commissioners approved an award of <br /> $200,000 to CHT to undertake this activity. The funds provided were a part of the remaining <br /> balance of the 2001 Affordable Housing Bond Program. <br /> In 2016, the Board of County Commissioners approved an amendment to the original Bond <br /> Development Agreement with Community Home Trust (CHT) to allow for $75,000 of the original <br /> award to be used for replacing HVAC units at Greenbridge Condominiums. Of the $75,000 <br /> allocated under the amended agreement, $15,000 has been spent to replace three (3) HVAC <br /> systems. A balance of $60,000 remains. As the cost of the Greenbridge HVAC replacements <br /> has decreased, Community Home Trust is requesting to broaden the use of the available <br /> $60,000 balance. <br /> Community Home Trust is requesting to use the remaining $60,000 for two projects. The first is <br /> to replace HVAC units at East 54 Condominiums as well as other properties in the CHT portfolio <br /> that require HVAC replacements. This assistance is needed to help defray expenses that <br /> exceed the amount set-aside under CHT's Stewardship Account for HVAC systems. The <br /> second proposed project is to help rehabilitate housing units that CHT will acquire in the <br /> Northside neighborhood. To date, CHT has purchased one (1) single-family home (306 Brooks <br />