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<br />ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br /> <br />ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 18, 2019 <br /> Action Agenda <br /> Item No. 8-v <br /> <br />SUBJECT: Proposed Changes to the Long-Term Housing Affordability Policy <br /> <br />DEPARTMENT: Housing and Community <br />Development <br /> <br /> <br /> <br />ATTACHMENT(S): <br />1) Current Long-Term Housing <br />Affordability Policy <br />2) Excerpted Federal Regulations for <br />HOME Reporting Requirements <br /> <br /> <br /> <br />INFORMATION CONTACT: <br />Sherrill Hampton, Housing and <br />Community Development Director, <br />(919) 245-2490 <br /> <br /> <br /> <br /> <br />PURPOSE: To approve changes to the Long-Term Housing Affordability Policy as it relates to <br />reporting requirements for projects financed with HOME or other federal funds in order to bring <br />about consistency with federal regulations and to incorporate those changes, if approved, into <br />the FY2019-20 HOME Annual Action Plan and all future Annual Action Plans. <br /> <br />BACKGROUND: On February 21, 2017, the BOCC approved changes to the 2000 Policy <br />based on recent activity and input from the Affordable Housing providers. The County Attorney, <br />based on BOCC action taken for the Greenfield Place Project, crafted an “Exceptions Section” <br />of the Policy. However, the Exceptions Section and the overall Policy did not at the time <br />address the associated reporting requirements as it relates to the HOME Program. <br /> <br />The HOME regulations governing “periods of affordability” are contained in 24 CFR Part 92.252 <br />and 92.254. For rental housing projects, see the chart below: <br /> <br />Rental Housing Activity Minimum <br />Period of <br />Affordability <br />in Years <br />Rehabilitation or acquisition of existing <br />housing per unit amount of HOME funds: <br />Under $15,000 <br />5 <br />$15,000 to $40,000 10 <br />Over $40,000 or rehabilitation involving <br />refinancing <br />15 <br />New construction or acquisition of newly <br />constructed housing <br />20 <br /> <br />For HOME projects involving homeownership activities, see the chart below: <br />1