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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Gale: October 16, 2601 <br />Action A9eS~ <br />Item No. <br />SUBJECT HOME P o9 -5 ontl Mortgage Aas'sfance <br />DEPARTMENT: HousinglCOmm. Development PUBLIC HEARING: (VIN) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Tara L Fikes, ext 2490 <br />Development Agreement <br />TELEPHONE NUMBERS: <br />Hillsborough ]32-8161 <br />Chapel HIII 968501 <br />GuNram 688~I331 <br />Mebane 338~22]~2031 <br />PURPOSE: Tp authorize [he execufbn of a Development Agreement with EmPOWERmant. <br />Inc. on behalf of the Orange County HOME Consortium [o provitle secontl mortgage assistance <br />for five (5) low-income families and authorize the Manager to execute [he tlocument upon the <br />approval of the County Attorney. <br />BACKGROUND: In May 2001, [he BoaN of Commissioners approvetl the FV 2001 HOME <br />Program that included an allocation of $69,150 to provitle second mortgage assistance for fve <br />(5) Ipw and motlerate-Income families purchasing homes for the first time in Orenga County. <br />EmPOWERment, Inc. will assts[ these families in the search for homeownership opportuni[las <br />among the existing housing stock in the County. <br />Specifically, HOME funtls will be usstl tp provitle secontl mortgage assistance of an average <br />amount of $14.000 per family in order to lower the amount of the first mortgage held by the <br />family. Funtls will be available for first-time homebuyers with Incomes at or below 80%of the <br />area metlian income. <br />As [he leatl entity fir the Orange County HOME Consortium, the County must enter into e <br />Development Agreement wdh EmPOW ERment, Inc. for the expentllWre of HOME funtls for this <br />second morgage program. <br />FINANCIAL IMPACT: <br />This action will reprosent an expentliture of up to $69,]56 from the 2001 HOME Pmgrem <br />allocation. A Declaration of Deed Resiricticn, Promissory Note ontl Deetl of Trust will secure <br />each semntl mortgage on the property. <br />RECOMMENDATION(S): The Manager rewmmends that the BCartl authorize the execution of <br />s Development Agreement with EmPOW ERment, Inc. on behalf of the Orange Ccuny HOME <br />Consortium to provitle second mortgage assistance far five (5) low and motlemie income <br />