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29 <br /> extensively within the community to provide housing education, and safe, affordable housing is <br /> very difficult to find in Orange County. She said if the Board passes the motion this evening, it <br /> will keep an existing affordable property as just that. <br /> Kathleen Ferguson said she is a resident of this neighborhood, and this home is <br /> important for affordable housing and it is a working class neighborhood. She said other houses <br /> on this street will be moving from affordable rentals to market value, and keep this property <br /> affordable is crucial. She asked if the Board would please support this motion. <br /> LaTanya Davis said she works for Empowerment, and they would like to have this house <br /> in its inventory. She said all the affordable rental units are currently occupied, with 30 people on <br /> the waiting list and a yearlong waiting period. <br /> Valencia Thompson said she works for Empowerment, and echoed the previous <br /> comments. <br /> Commissioner Dorosin said he read the abstract and it lays out what would happen if <br /> this house were sold at market value, and asked if the Board approves the purchase of the <br /> house, would the County still get the $32,000. <br /> Sherrill Hampton said staff is negotiating a lower price since the house will need some <br /> rehabilitation. She said the owner has agreed to sell the house for $157,000. She said the <br /> County would not recapture as it would keep it affordable, and would exercise its right so she <br /> would not have to give up half of the net proceeds, but it is at a reduced rate. <br /> Commissioner Price said this is important in this neighborhood, and in this area. She <br /> said affordable homes need to be maintained, and this area could get gentrified very quickly if <br /> proactive steps are not taken. She supported the motion. <br /> Chair Rich said she remembers comments in the past that Hillsborough does not have <br /> an affordable housing problem, but this is no longer true. She said all should be concerned <br /> about this, and be proactive. <br /> Commissioner McKee asked if the normal protocol is to capture half of the net profit on <br /> the sale of any house. <br /> Sherrill Hampton said that is a non-qualified buyer is purchasing true if that property, i.e.: <br /> they are not low income. <br /> Commissioner McKee asked if the house will be sold back to a low-income person. <br /> Sherrill Hampton said it will become an affordable rental. <br /> A motion was made by Commissioner Greene, seconded by Commissioner Price for the <br /> Board to adopt a resolution: <br /> 1) Approving the exercise of the County's Right of First Refusal and the acquisition of <br /> property at 509 Central Avenue, Hillsborough, NC 27278 at a purchase price to be <br /> negotiated but not to exceed $171,000 plus other associated closing costs, including the <br /> cost of any ad valorem taxes due on the property following closing for the year, in order <br /> to maintain the said property for affordable housing purposes. If the acquisition <br /> is approved, the funds for purchase will be paid out of the Affordable Housing Land <br /> Banking Fund; and <br /> 2) Authorizing the County Manager, after consultation with the County Attorney and/or the <br /> closing attorney retained by the County, to execute the necessary sale documents with <br /> the seller, Shannon Brown; and <br /> 3) Authorizing the County Manager, after consultation with the County Attorney, to execute <br /> the necessary documents to transfer purchased property at 509 Central Avenue, <br /> Hillsborough, NC 27278 to EmPOWERment, Inc. for use as an affordable rental unit. <br /> The unit will be rehabbed before the transfer to EmPOWERment, Inc. takes place. The <br /> rehabilitation cost will be paid out of County HOME or other applicable housing <br /> rehabilitation funds. <br />