Agenda - 05-05-20; 8-g - Approval of a Resolution Authorizing a Revision in the Orange County FY 2018-2019 HOME Program Design

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2 CHT is requesting another amendment to this resolution in order to use $40,000 of the $45,000 funds that were designated for Homeowner Assistance for acquisition of a single-family home in the Tin Top community in Carrboro to be used for affordable rental. The home is owned by two brothers. One brother has lived there for over 20 years. The other brother wants to sell the property and currently has it under contract with Self-Help. The proposed project would be a partnership with the Town of Carrboro and the Northside Neighborhood Initiative (with funding from Self-Help and the Oak Foundation, coordinated by the Marian Cheek Jackson Center). Self-Help and the Oak Foundation have agreed to fund the rehabilitation needed for the home to bring it up to habitable standards. CHT has designated $60,000 of its own funds and secured $30,000 from the Town of Carrboro for acquisition of the home after rehabilitation, and is requesting permission to use $40,000 of its FY2018-19 HOME award to cover the remainder of the purchase price. After acquiring the property, CHT will rent the home back to one of the current owners of the home, the brother currently living in the home who wishes to remain. That individual's income is less than 30% of the area median income (AMI) and an affordable rent would be around $210 per month. At such time as the individual no longer lives there, the home will be sold as a permanent affordable home using CHT's homeownership model. In summary, the proposed resolution (Attachment 3) would amend the existing resolution authorizing the 2018-2019 HOME Program design to change CHT's HOME award to read: Homeownership Acquisition Funds will be allocated to the Community Home Trust for the acquisition of one (1) single-family property for sale to a household earning 80% or less AMI. (Requested amount: $15,000) $15,000 Rental Acquisition Funds will be allocated to the Community Home Trust for the acquisition of one (1) single-family property for rental to a household earning 30% or less AMI. (Requested amount: $40,000) $40,000 Homeownership Assistance Funds will be allocated to the Community Home Trust to provide homebuyer financial assistance for one (1) household earning 80% or less AMI. (Requested amount: $5,000) $5,000 FINANCIAL IMPACT: There is no financial impact to the County. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable to this item: • GOAL: FOSTER A COMMUNITY CULTURE THAT REJECTS OPPRESSION AND INEQUITY The fair treatment and meaningful involvement of all people regardless of race or color; religious or philosophical beliefs; sex, gender or sexual orientation; national origin or ethnic background; age; military service; disability; and familial, residential or economic status.