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3 <br /> Gateway — Debt Refinancing and Rental Units $771,800 $0 <br /> Rehabilitation <br /> Habitat for Humanity — Homebuyer Assistance $ 475,000 $ 167,241 <br /> Rebuilding Together of the Triangle - Homeowner $ 150,000 $ 150,000 <br /> Rehabilitation/Reconstruction <br /> Administration 10% of HOME Funds, per statute $ 44,350 $ 44,350 <br /> Total $ 1,551,800 $ 556,591 <br /> As the chart above shows, all applicants except for the Gateway project received either full or <br /> partial funding. The Gateway application requested debt refinancing and unit upgrades for a <br /> project based Section 8 apartment complex in Hillsborough, and requested more funding <br /> ($771,800) than the Consortium expects to have for all projects for the FY 2022-2023 HOME <br /> Program ($439,392). Discussions with the applicant revealed that partial funding for this project <br /> would not be a viable option, because the debt refinancing must be paired with the renovations. <br /> The applicant asked if partial funding could be guaranteed over a 5-year period, but HOME funds <br /> do not allow for multiyear allocations. Staff is working with this project applicant to pursue other <br /> funding streams to preserve affordable housing resource at Gateway. <br /> Two other projects also received a different amount of funding from their application amounts. <br /> The Collaborative members were concerned that the Community Empowerment Fund (CEF) <br /> funding requested of$2,000 per homebuyer would not be a substantive amount for potential new <br /> homeowners in the current housing market climate once these funds will come available for use <br /> starting July 1, 2022, and increased the CEF award amount to $4,000 per homebuyer for 20 <br /> homebuyers (subtotal, $80,000) in addition to the $10,000 in overhead in the original application <br /> (total award, $90,000). After also fully funding the EmPOWERment rental acquisition property <br /> application ($105,000) and the Rebuilding Together of the Triangle homeowner rehabilitation <br /> ($150,000), Collaborative members awarded the balance of available funding ($167,241) to <br /> Habitat for Humanity for down-payment assistance. A summary of each of the above projects is <br /> provided at Attachment 3. <br /> In accordance with the Orange County HOME Consortium Agreement, approved in May 2011, <br /> the HOME Program Design for each year must be approved by all jurisdictions prior to submission <br /> to HUD. The HOME Program Design is scheduled for approval by the: <br /> • Town of Chapel Hill on June 8, 2022 <br /> • Town of Hillsborough on June 13 2022; and <br /> • Town of Carrboro on June 14, 2022. <br /> The Board of Commissioners is therefore asked to consider approval of the attached HOME <br /> Program Design Resolution (Attachment 4). <br /> HOME Program Implementation <br /> After approval of the FY 2022-2023 HOME Program Design by all Consortium participants, <br /> authorization is requested to allow the Orange County Manager, based on the HUD allocation <br /> received, to execute agreements with partnering nonprofit organizations as necessary to <br /> implement the approved HOME Program Design. All agreements will be reviewed and approved <br /> by the County Attorney's Office. <br /> FINANCIAL IMPACT: There are no additional County financial impacts anticipated with this item <br /> as it allocates federal funding from the HOME program. <br /> 3 <br />