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r ' <br /> 3 <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> RESOLUTION AUTHORIZING AN APPLICATION FOR COMMUNITY <br /> DEVELOPMENT BLOCK GRANT FUNDS <br /> WHEREAS,the N.C. Department of Commerce—Division of Community <br /> Assistance announced the availability of approximately$500,000 in Small Cities <br /> Community Development Block Grant(CDBG)Program funds for the purpose of <br /> establishing Individual Development Account(IDA)Programs to first-time homebuyers <br /> with incomes below 80%of the area median income; and <br /> WHEREAS, an application for funding must be sent to the Division of <br /> Community Assistance on or before April 30,2002 in order to receive the funds; and <br /> WHEREAS,Individual Development Accounts are dedicated savings accounts to <br /> be used for homeownership only; and <br /> WHEREAS,the Women's Center presently operated an IDA Program under the <br /> County's TANF Program and have expressed an interest in administering this program <br /> utilizing CDBG funds; <br /> WHEREAS,the grant funds will be used to match participant savings by a 1:1 <br /> ratio for a total of twenty(20)families. <br /> NOW,THEREFORE BE IT RESOLVED by the Orange County Board of <br /> Commissioners,that an application for FY 2002 Community Development Block Grant <br /> funds for the Individual Development Account Program under the North Carolina Small <br /> Cities Program is hereby authorized. The amount of the request will be$40,000. The <br /> application will be submitted on or about April 30, 2002. <br /> FURTHER, the Orange County Board of Commissioners authorizes the Chair of <br /> the Board to sign the application document on the County's behalf. <br /> This the 16t'day of April 2002. <br />