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14 <br /> in 2017 and $2.5 million in 2020. There are $769,680 in remaining unspent funds and bond sale <br /> proceeds that Housing Department staff would like to make available for affordable housing <br /> projects in the summer of 2023. <br /> At the June 8, 2023 Budget Work Session, the Board of County Commissioners provided direction <br /> that an additional $5 million for affordable housing development be allocated from the Capital <br /> Investment Plan (CIP) funding for FY 2023-2024. The CIP also includes $5 million allocations in <br /> FY 2026-27 and FY 2029-30 for a total of $15 million for affordable housing development over <br /> ten years. <br /> In addition, working with colleagues in the Planning & Inspections Department, Asset <br /> Management Services, and the County Attorney's Office, staff identified eleven (11) parcels of <br /> land that could be appropriate for affordable housing development. Staff are requesting that the <br /> Board: <br /> 1) Declare these eleven (11) parcels of land surplus for affordable housing; <br /> 2) Authorize staff to proceed with an RFP offering $769,680 in remaining bond funds, $5 <br /> million in CIP affordable housing funds, and these eleven (11) parcels to affordable <br /> housing developers; and <br /> 3) Authorize the conveyance of these County-owned parcels to affordable housing <br /> developers by private sale or other means. <br /> The attached resolution authorizes the County Manager to: <br /> 1) Declare these eleven (11) parcels as surplus for affordable housing: <br /> PIN Location Jurisdiction Acreage <br /> 9865614458 108 Mollie Court Hillsborough 1.24 <br /> 9865517394 229 Daye Street Hillsborough 0.64 <br /> 9865622018 Faucette Mill Road Hillsborough 0.67 <br /> 9844786326 US 70 West Orange County 0.07 <br /> 9844881230 US 70 West Orange County 1.37 <br /> 9844786242 US 70 West Orange County 0.41 <br /> 9778941081 Wentworth Street Chapel Hill 0.34 <br /> 9778930971 Wentworth Street Chapel Hill 0.38 <br /> 9778941099 Wentworth Street Chapel Hill 0.17 <br /> 9778631313 NC 54 Carrboro 0.91 <br /> 9778635482 NC 54 Carrboro 1.95 <br /> 2) Sell the properties by negotiated sale to either a public or private entity for the purpose of <br /> developing affordable housing for persons of low to moderate income (the property could <br /> be offered for below market rates to serve as a subsidy for the affordable housing project); <br /> 3) Lease the property to a public or private entity for the purpose of developing affordable <br /> housing for persons of low to moderate income (the lease rate could also be negotiated <br /> below market rate to serve as a subsidy for the affordable housing project); and <br /> 4) In the event that there are no developers interested in option (1) or (2), sell the property <br /> on the private market with the proceeds of the sale dedicated to other affordable housing <br /> projects. <br />