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3 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> Attachment 1 <br /> PART I: OVERVIEW OF THE NEW ORANGE COUNTY LOCAL RENT SUPPLEMENT PROGRAM (OC-LRSP) <br /> A. OVERVIEW <br /> The Local Rent Supplement Program is a new rental subsidy program approved by the Orange County Board of County Commissioners on June <br /> 19, 2018 with an initial injection of capital in the amount of $100,000. The County's HOME Consortium,the Local Government Affordable <br /> Housing Collaborative, is providing $114, 613 in FY 2018-2019 HOME funds for tenant-based rental assistance as leveraged funds to assist in <br /> the implementation of the OC-LRSP. The County will enter into an agreement with the Orange County Housing Authority (OCHA) to administer <br /> the new program. <br /> The OC-LRSP provides monthly rental subsidies that cover the difference between the rents that low-income families and individuals can afford <br /> to pay and the actual monthly cost of rent for the unit. The new program addresses one of the priority housing needs identified in Orange <br /> County's FY 2015-2019 Consolidated Plan, as well as the recently released Affordable Housing Coalition's 2018 Affordable Housing Summit <br /> Report. <br /> The new program is designed to complement the federally-funded Housing Choice Voucher (HCV) Program, which is administered by OCHA <br /> and will assist families and individuals who earn 50% or less of the Area median Income with priority going to those who are very low income <br /> (30% of AMI or less). The program promotes community-wide planning and strategic use of resources to address the jurisdiction's unmet needs <br /> and to narrow the gap in benefits and services received by cost-burdened families. <br /> For the most part, and unless otherwise specified, OC-LRSP will follow the rules and regulations of the HCV Program. However, some of the <br /> differences between OC-LRSP and HCV Program are that OC-LRSP's rental subsidies are not for housing outside a 10-mile radius of the <br /> County's jurisdictional boundaries. Therefore the subsidies are not "portable" and are only available to Orange County residents. In addition, <br /> the preferences and priorities for the housing assistance are different than those specified in the HCV Program rules and regulations. <br /> Furthermore, the rental assistance may be administered as tenant-based and/or project-based. If project-based is utilized then an RFP will be <br />