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Agenda - 03-19-2002 - 7c
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Agenda - 03-19-2002 - 7c
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3/6/2017 3:57:13 PM
Creation date
8/29/2008 10:37:16 AM
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BOCC
Date
3/19/2002
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
7c
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REVISED 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: March 19„2002 <br /> Action Agenda <br /> Item No. <br /> SUBJECT: FY 2002 CDBG Program— IDA Program <br /> DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/N) Yes <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Tara L. Fikes, ext. 2490 <br /> TELEPHONE NUMBERS: <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 336-227-2031 <br /> PURPOSE: To receive comments from the public regarding the development of a FY 2002 <br /> Community Development Block Grant (CDBG) Application for funds for an Individual <br /> Development Account (IDA) Program. <br /> BACKGROUND: The N.C. Department of Commerce announced the availability of <br /> approximately $500,000 in Small Cities Community Development Block Grant Program (CDBG) <br /> funds for the purpose of establishing Individual Development Account (IDA) Programs for first- <br /> time homebuyers with incomes below 80% of the area median income. Specifically, the 80% <br /> income limits are as follows: One-person household - $38,100; two-person household - <br /> $43,500; three-person household - $48,950; and a four-person household - $54,400. <br /> IDAs are dedicated savings accounts, similar in structure to Individual Retirement Accounts <br /> (IRAs) that can only be used for purchasing a first home. They are managed by community <br /> organizations and accounts are held at local financial institutions. Contributions for lower <br /> income participants are matched using both private and public sources. For example, if a <br /> participant saves $1,000 toward the down payment on a home, their savings are matched with <br /> $1,000 in CDBG funding and $1,000 in local funding. Additionally, all participants receive <br /> economic literacy training that shows them how to clean up their credit, set up a budgeting and <br /> savings schedule, and teaches them the basics of money management. <br /> Currently, a component of the County's TANF Housing Program provides a IDA Program for <br /> approximately twenty (20) families preparing for homeownership through a partnership with the <br /> Women's Center. The families participating in that program are meeting their savings <br /> requirements with some having already purchased a home and others poised to do so in the <br /> coming year. This has been a successful program that can be continued after the expiration of <br /> the TANF Housing Program in June 2002 if we are able to develop a successful funding <br /> application. <br />
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