Agenda - 11-19-2001-8e - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTON AGENDA REM ABSTRACT Meeting Date: November 1 B, 2001 Actlon Agenda Item No. R-e. SUBJECT: HOME Praprem-Properly ACp uisition DEPARTMENT: HousinglCOmmunity Dev. PUBLIC HEARING (Y/N( No ATTACHMENT(S): INFORMATION CONTACT: Tare L. Fikes, ext. 2490 Development Agreement TELEPHONE NUMBERS: Hillsborough T32A181 Chapel Hill 968-0501 Durham 688-]331 Mebane 338-227-2031 PURPOSE: To aumor¢e the execution of a eve opment greemeni with [he Town of Chapel Hill on behalf of the Orange County HOME Consortium for the acquisition of rental property in Chapel Hill antl authorize Ne Manager to execute the document upon the approval of the County Attorney BACKGROUND: The Orange County HOME Consortium In May 2001 approved the expentliture of FV 2000 funds HOME Program design mat inGUtletl an allocaton of $100000 far rental property acquisition by the Town of Chapel Hill Department of Housing. SpeciFlcally, the Town plans to develop a trensRional rental housing pmgrem deaignetl to help public housing families make the tmnsitlon from public housing b the private housing market. The Department of Housing will purchase an existing single family dwelling in Chapel Hill and lease that unit to a family while they work towards homeownership through budget wunseling, homeownership and debt management services. The family is given five (5) years to complete the program end at iha antl of the five year periotl, the participant wpultl have saved funtls for a tlownpaymem on a house. The agency is presently looking for a house to purohase in the Chapel Hill market to begin this pmgrem. As the leatl entity for the Orange County HOME Consortium, the County must enter into a Development Agreement with EmPOWERment, Inc far expenditure of HOME funtls for [his propady BCgaiaRlaa. FINANCIAL IMPACT: This action will represent an expenditure of $100,000 from the 2000 HOME Progmm allocation.