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Agenda - 11-01-2000-8h
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Agenda - 11-01-2000-8h
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9/2/2008 1:39:55 AM
Creation date
8/29/2008 10:16:43 AM
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BOCC
Date
11/1/2000
Document Type
Agenda
Agenda Item
8h
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Minutes - 11-01-2000
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\Board of County Commissioners\Minutes - Approved\2000's\2000
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Future plans <br />Continuation of the program to reach approximately 20 additional families. <br />3. Homeownership <br />Homeownership can also be challenging in this area due to high land and <br />infrastructure costs. Low-income families rely heavily on the ability of local non- <br />profit organizations to assist them in locating affordable existing properties for <br />sale. The TANF Housing Program will continue to utilize the current intervention <br />strategies to assist approximately five (5) TANF families became homeowners in <br />partnership with Habitat far Humanity and other non-profit housing organizations. <br />Current Program Activities <br />Five families have been identified for this program and have begun saving towazd <br />a downpayment through an Individual Development Account (IDA) Program. <br />Individual Development Accounts are restricted savings accounts dedicated to the <br />support of homeownership, post-secondary education, and micro-enterprise. Each <br />participant in the program agrees to save up to $1,000 over the program term and <br />that amount will be matched at a 2:1 ratio not to exceed $2,000 per family or <br />individual from the TANF grant funds. <br />The IDA Program incorporated into the TANF Housing Program is the first IDA <br />Program in Orange County for homeownership. Central Cazolina Bank is <br />serving as the banking partner and services the participant's savings accounts. <br />The IDA Program Administrator is the Women's Center. <br />Future plans <br />Continuation of the IDA Program by assisting an additional five (5) families <br />during the next 12 months and increasing the cash match to a 5:1 ratio. <br />Current ro ram lementation/Monitorin Grou <br />Representatives of the following organizations meet monthly to monitor this program. It <br />is anticipated that this group will continue to provide program guidance in a new program <br />yeaz. <br />Orange County Housing/Commuruty Development Department <br />Orange County Department of Social Services <br />Chapel Hill Department of Housing <br />Chapel Hill Planning Department <br />Orange Community Housing Corporation <br />Habitat for Humanity of Orange County, Inc. <br />Gee Associates, Inc. <br />
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