Agenda - 06-19-2001-9f - Laserfiche WebLink

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5 I. BACKGROUND In 1997, Orange County voters approved a $1.8 million dollar Housing Bond referendum. In 2000, approximately $690,000 was been committed to three affordable housing projects in the County. There is a current balance of $1,110,000 of bond funds remaining for additional affordable housing projects. Orange County is currently seeking proposals from qualified organizations to implement affordable housing projects in the community with the remaining bond funds. Guidelines for proposal submission follow. An original and two (2) copies of all proposals must be submitted by 5:00 p.m. on WednesdaX., May 30, 2001 at the Orange County Housing and Community Development Department, 300 W. Tryon Street; P.O. Box $181, Hillsborough, NC 27278. No facsimile submissions will be accepted. For further information, please contact Tara L. Fikes at 245-2490. II. INTRODUCTION The Commissioners Affordable Housing Task Force, organized to investigate and analyze information and problems, and recommend strategies and policies, to assist the County Commissioners in formulating long-range vision of decent and affordable housing in Orange County. This group reviewed the existing Housing Bond Policy and proposed revisions to the Evaluation Criteria in its final written report. Additionally, the Task Force encouraged the Board of Commissioners to proceed with commitment of the remaining bond funds. III. GEOGRAPHIC LOCATION This program may be undertaken throughout the County including the Towns of Carrboro, Chapel Hill, and Hillsborough. IV. TERMS OF FINANCIAL ASSISTANCE The financial assistance from bond funds will primarily take the form of deferred and direct loans. Loan terms and interest rates may vary, depending on the feasibility of the project. Project proformas will be reviewed to insure the financial feasibility of proposals and recommend specific rates and terms to the Board of County Commissioners. V. ELIGIBILITY Eligible GTOUD~ The following groups are eligible to submit proposals under, this solicitation: • non-profit housing developers • non-profit organizations; • neighborhood groups that are concerned with housing development; • joint ventures involving the above type organizations with a private for-profit entity as long as the non-profit has the controlling majority in the project (more than SO% interest) ;and • local governmental entities;