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20 <br /> 1 proposed FY2022-23 HOME awards with correct funding amounts. Public notice for this second <br /> 2 public hearing was also posted in The Herald Sun and La NotIcia. Copies of the revised draft <br /> 3 Annual Action Plan were posted on the Orange County Department of Housing and Community <br /> 4 Development website, and a link to the website and draft plan were circulated by public notice in <br /> 5 the newspapers listed above, as well as email outreach to more than 100 relevant stakeholders <br /> 6 to include local service providers, nonprofit organizations, government entities, elected officials, <br /> 7 and interested residents. Staff will incorporate all comments into the final Annual Action Plan to <br /> 8 be submitted to HUD. <br /> 9 <br /> 10 The FY 2022-2023 Annual Action Plan must be submitted to HUD on or before July 17, 2022. <br /> 11 The Board of Commissioners is therefore asked to consider approval of the attached resolution <br /> 12 authorizing submission of the Annual Action Plan (Attachment 2). <br /> 13 <br /> 14 FY 2022-2023 HOME Program Activities <br /> 15 For FY 2022-2023, Orange County will receive the following HOME resources: <br /> 16 <br /> FY 2022-2023 HOME Funds $ 443,498 <br /> HOME Program Income $ 13,306 <br /> Local Match $ 99,787 <br /> Total $ 556,591 <br /> 17 <br /> 18 The Local Government Affordable Housing Collaborative (the "Collaborative"), comprised of one <br /> 19 (1) elected official and staff members from Orange County and the Towns of Carrboro, Chapel <br /> 20 Hill, and Hillsborough, reviewed the received applications for the FY 2022-2023 HOME Program <br /> 21 on March 3, 2022, and again after actual HOME allocations were announced by HUD on May <br /> 22 17, 2022. The Collaborative made the following funding recommendations for consideration by <br /> 23 each of the jurisdictions' elected bodies: <br /> 24 <br /> Applicant and Project HOME HOME <br /> Re uest Award <br /> Community Empowerment Fund — Homebuyer $50,000 $90,000 <br /> Assistance <br /> EmPOWERment— Rental Acquisition $ 105,000 $ 105,000 <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 /> 25 <br /> 26 As the chart above shows, all applicants except for the Gateway project received either full or <br /> 27 partial funding. The Gateway application requested debt refinancing and unit upgrades for a <br /> 28 project-based Section 8 apartment complex in Hillsborough and requested more funding <br /> 29 ($771,800) than the Consortium expects to have for all projects for the FY 2022-2023 HOME <br /> 30 Program ($439,392). Discussions with the applicant revealed that partial funding for this project <br /> 31 would not be a viable option, because the debt refinancing must be paired with the renovations. <br /> 32 The applicant asked if partial funding could be guaranteed over a 5-year period, but HOME <br /> 33 funds do not allow for multiyear allocations. Staff is working with this project applicant to pursue <br /> 34 other funding streams to preserve affordable housing resource at Gateway. <br />