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12 1 b.Amendment to Community Home Trust’s Affordable Housing Bond Development 2 Agreement 3 The Board consideredvotingto approve an amendment to Community Home Trust’s 4 (CHT’s) Affordable Housing Bond Development Agreement to allow for the replacement of 5 HVAC units at the East 54 Condominiums and to provide rehabilitation funding for homes 6 purchased in the Northside neighborhood and authorize the Manger to sign. 7 Sherrill Hampton, Housing Director,presented this item. 8 9 BACKGROUND: 10 In 2008, Community Home Trust (CHT) submitted an application for assistance to provide 11 second mortgages for low to moderate-incomepersons participating in its homeownership 12 program. The Board of Orange County Commissioners approved an award of $200,000 to CHT 13 to undertake this activity. The funds provided were a part of the remaining balance of the 2001 14 Affordable Housing Bond Program. 15 16 In 2016, the Board of County Commissioners approved an amendment to the original Bond 17 Development Agreement with Community Home Trust (CHT) to allow for $75,000 of the original 18 award to be used for replacing HVAC units at Greenbridge Condominiumsas well asother 19 HVAC systems in other properties. Of the $75,000 allocated under the amended agreement, 20 $15,000 has been spent to replace three (3) HVAC systems. A balance of $60,000 remains. 21 As the cost of the Greenbridge HVAC replacements has decreased, Community Home Trust is 22 requesting to broaden the use of the available $60,000 balance. 23 24 Community Home Trust is requesting to use the remaining $60,000 for two projects. The first is 25 to replace HVAC units at East 54 Condominiums as well as other properties in the CHT 26 portfolio that require HVAC replacements. This assistance is needed to help defray expenses 27 that exceed the amount set-aside under CHT’s Stewardship Account for HVAC systems. The 28 second proposed project is to help rehabilitate housing units that CHTwill acquire in the 29 Northside neighborhoodInitiative. To date, CHT has purchased one (1) single-family home (306 30 Brooks 1 Street) and will be purchasing additional homes in the neighborhood. The cost to 31 rehabilitate these units has increased requiring the need for additional outside funding. 32 33 FINANCIAL IMPACT: No negative financial impact is associated with the approval of the 34 amendment. Broadening the eligible uses of the remaining $60,000 would allow for additional 35 homeowners to be assisted and the timely expenditure of funds. Any funds not expended by 36 June 30, 2019 will revert to the County for other eligible affordable housing activities. 37 38 PUBLIC COMMENT: 39 Robert Dowling, CHT Executive Director,said he apologizes for asking the Board to 40 revise this funding again, having already done so in2013. He said the funds can be spent 41 more quickly if the requested changes are made. He said the money is currently just assigned 42 to Greenbridge, and expanding its uses would allow faster repair of these failing systems, and 43 coverage for Northside costs. 44 Commissioner McKee asked if the remainingprojected amount forthe Greenbridge 45 project is known, because he does not believe this will be the last system that will be needed. 46 Robert Dowling said at Greenbridge, thereis a transfer fee that the market rate owners 47 pay to augment the cost of the affordable units. He said that transfer fee fund is almost 48 $300,000, which can take care of the HVAC systems at Greenbridge.He said there is not a 49 similar pot of money at East54, and thus the request to move the funds.