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RESOLUTION AUTFIORIZING AN APPLICATION FOR COMMUNITY <br />DEVELOPMENT BLOCK GRANT FUNDS <br />WHEREAS, the N.C. Department ofCommerce -Division of Community <br />Assistance announced the availability of approximately $300,000 in Small Cities <br />Community Development Block Grant (CDBG) Program funds for the purpose of <br />establishing Individual Development Account (IDA) Programs to first-time homebuyers <br />with incomes below 80% of the area median income; and <br />WHEREAS, an application for funding must be sent to the Division of <br />Community Assistance in order to receive the funds; and <br />WHEREAS, Individual Development Accounts are dedicated savings accounts to <br />be used for homeownership only; and <br />WHEREAS, the Women's Center has operated the IDA Program in the County <br />Program and has expressed an interest in administering this program utilizing CDBG <br />funds; and <br />WHEREAS, the grant funds will be used to match participant savings by a 1:1 <br />ratio for a total of twenty (20) families and to provide housing services including <br />education and outreach services; <br />NOW, THEREFORE BE IT RESOLVED by the Orange County Board of <br />Conunissioners, that an application for FY 2005 Community Development Block Grant <br />funds for the hndividual Development Account Program under the North Carolina Small <br />Cities CDBG Prograni is hereby authorized, The arnount of the request will be $50,000. <br />The application will be submitted on or about July 15, 2005. <br />FURTHER, the Orange County Board of Commissioners authorizes the Chair of <br />the Board to sign the application document on the County's behalf <br />This the 23rd day of June 2005. <br />