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8 <br />Recommendations <br />1. Establish short-term (5-year) and long-term (10-year) affordable housing targets <br />for development: Affordable housing targets should fiocus on low income rental families <br />(those below 50% of the area, median Income, Le., $31,400 for a family of 4 in 2000) and <br />increase incrementally over the plan period as both the capacity and commitment of <br />local providers grow and local funding sources are developed. <br />Recommended Short-term Housing Targets <br />% of Median <br />Income(MI)/ <br />Housin Tenure Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Total <br />Number <br />Units Total Public <br />Subsidy @ <br />$20 000/unit <br />X50% MI/Owner <br />X60% MI/Rental 20 <br />50 22 <br />60 24 <br />80 26 <br />100 28 <br />110 120 <br />400 $10 million <br />Subtotals 70 82 104 126 138 520 $10 million <br />51-80% MUOwner 25 30 36 42 50 183 $4 million <br />Totals 95 112 140 168 188 703 $14 million <br />Given that approximately 12,281 households in the County are experiencing housing <br />problems, 703 housing units addresses approximately six (b) percent of the estimated <br />total housing need in Orange County during the next five (5) years. <br />$14 million in public subsidies will generate $80 million in affordable housing stock. <br />(703 units x $112,000 (estimated cost per unit) _ $$0 million) <br />County bond initiatives, including the current bond monies and a new 2001 bond <br />issue, can be used to finance the recommended housing targets. <br />(Reference: Inventory and Needs Subcommittee Report) <br />2. Establish an. Affordable Housing Advisory Board for Orange County. The Board <br />would assist the Board of Commissioners with the following: <br />• Prioritizing needs; <br />• Assessing project proposals; <br />• Aid the process of publicizing the County's housing objectives; <br />• Assist in the implementation of the strategies contained in the FY 2001 <br />Commissioners Affordable Housing Task Force Report; <br />• Monitor progress of local housing programs; <br />• Explore new funding opportunities; <br />• Generally increase the community's awareness, understanding, commitment <br />to and involvement in a comprehensive program of initiatives to increase the <br />amount of attractive affordable housing; <br />• Assist in the investigation of residential segregation patterns in the County. <br />• Other housing-related items identified by the Board of Commissioners. <br />(Reference: All Subcommittee Reports) <br />