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6 <br />FFY 2015 -2019 Five Year Consolidated Plan Orange County HOME Consortium, NC <br />funds and a regional strategy that addresses the broader housing needs of the Consortium as a <br />whole —for the success and betterment of the whole —for a better quality of life and economic <br />vitality for all the communities individually and collectively <br />The Orange County HOME Consortium is receiving $311,832 from HOME funds for the FFY 2015 <br />program year This is a reduction from $351,540 in FFY 2014 and a substantial reduction from <br />$728,277 in FFY 2010, the start of the previous five year planning period. <br />Greatest Needs <br />The elderly population of Orange County (age 62 and above) is 15,979 persons which represents <br />12.1% of the total County's population However, there are 200 assisted rental housing units for <br />the elderly out of a total of 20,234 renter - occupied housing units which is 1.0% of the renter - <br />occupied units. As the County's population ages in place, there will be less available elderly units <br />and a higher demand for those units. It is estimated that at least 450 new affordable housing units <br />for the elderly are needed <br />As part of the Master Aging Plan, Orange County aims to offer an array of housing options that <br />reflects the diverse preferences and abilities our older adult population portrays. Orange County <br />needs to conceptualize a continuum of housing types to accommodate rapid growth in its senior <br />population and then, invest in development of preferred housing models <br />The condition of the owner occupied housing stock is fairly sound However, rental housing units <br />range from fair to poor, Many of the higher quality rental housing units are located in the urban <br />centers and close to the universities. The lower quality rental housing units are located in the rural <br />areas Improved code enforcement is needed to address these housing deficiencies. <br />There is also a lack of "accessible" housing units in the County to address the needs of the <br />physically disabled, Not including elderly housing units, it appears that there is a need for at least <br />150 new housing units that are accessible to persons with physical disabilities. Presently, there <br />are 84 accessible housing units for the disabled in LIHTC Projects <br />There is a continuing need for "affordable" and "accessible" housing in Orange County The <br />existing housing is sound and there appears to be an adequate supply of market -rate housing. The <br />County has a growing population, and new construction and rehabilitation work is increasing <br />again as evidenced by the number of building and renovation permits issued throughout the <br />County Real estate values continue rise which benefits property owners and most homeowners <br />However, these rising real estate values negatively impact very low -, low -, and moderate - income <br />households who are increasingly cost - overburdened in their homes by 30 to 50 percent or greater <br />or who cannot find affordable housing and are having to increasingly seek housing outside of the <br />County or live in substandard conditions not by choice, but necessity. <br />OMB Control No: 2506 -0117 (exp. 07/31/2015) 3 <br />