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<br /> $1,000 for households with incomes <_ 30%- below AMI
<br /> 2021 apps
<br /> w/County portion Average of tax
<br /> Owner-occupied of bill over 2x bill under 2x max Max
<br /> Income level households in OC max assistance assistance Assistance Total Liability
<br /> 61-80%AMI 3,181 100% N/A $ 500 $ 1,590,716
<br /> 31-60%AMI 3,622 67% $1,007 $ 750 $ 2,418,645
<br /> 30%AMI and under 3,241 5% $1,083 $ 1,000 $ 1,831,465
<br /> TOTAL 80%AMI and below 10,045 $ 5,840,825
<br /> • Staff used 2021 LHA program data to calculate the percentage of potential participants with
<br /> the County portion of their tax bills in excess of double the max assistance proposed.
<br /> • For households at 61-80% AMI, all 2021 LHA participants at 61-80% AMI had tax bills in
<br /> excess of$1,000 (double the max assistance of$500); liability for this group was calculated
<br /> by simply multiplying the number of households (3,181) by the max assistance ($500) _
<br /> $1,590,716
<br /> • For households at 31-60% AMI, 67% of the 2021 LHA participants at 31-60% AMI had tax
<br /> bills in excess of $1 ,500 (double the max assistance of $750); liability for this group was
<br /> calculated by multiplying the number of households (3,622) by 67% times the max
<br /> assistance ($750) and then adding this to the remainder of the group, the number of
<br /> households (3,622) times 33% times half of the average tax bill for the 2021 LHA
<br /> participants at 31-60% AMI that did not have tax bills over $1,500 — this average is $1 ,007
<br /> = $2,418,645
<br /> • For households at 30% AMI and under, 5% of the 2021 LHA participants at 30% AMI and
<br /> under had tax bills in excess of $2,000 (double the max assistance of $1 ,000); liability for
<br /> this group was calculated by multiplying the number of households (3,241) by 5% times
<br /> the max assistance ($1,000)and then adding this to the remainder of the group, the number
<br /> of households (3,241) times 95% time half of the average tax bill for the 2021 LHA
<br /> participants at 30% AMI and under that did not have tax bills over $2,000 — this average is
<br /> $1083 = $1,831,465
<br /> • The total liability using these calculations is $5,840,825
<br /> • Program costs decrease as participation decreases
<br /> Total Liability
<br /> (100% 25% 50% 75%
<br /> Income level participation) participation participation participation
<br /> 61-80%AMI $ 1,590,716 $ 397,679 $ 795,358 $ 1,193,037
<br /> 31-60%AMI $ 2,418,645 $ 604,661 $ 1,209,322 $ 1,813,983
<br /> 30%AMI and under $ 1,831,465 $ 457,866 $ 915,733 $ 1,373,599
<br /> TOTAL
<br /> TOTAL 80%AMI and below $ 5,840,825 $ 1,460,206 $ 2,920,413 $ 4,380,619
<br /> FINANCIAL IMPACT: The program would expend the remaining $233,636 in ARPA funding that
<br /> has been allocated to assist long-term, low-income households affected by the tax revaluation of
<br /> property. The funding is limited to the available funds consistent with the NC Statutes pre-audit
<br /> requirements.
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