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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 4, 2002 <br /> Action Agenda <br /> m No. _ <br /> SUBJECT: Housing Trust Fund —Approve Transfer of Appropriation <br /> DEPARTMENT: HousinglCOmm. Development PUBLIC HEARING (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Tare L. Fikes, exl. 2490 <br /> Leffer from Robert Dowling <br /> TELEPHONE NUMBERS: <br /> Hillsborough 732-8181 <br /> Chapel Hill 968.4501 <br /> Durham 688-7331 <br /> Mebane 336.227-2031 <br /> PURPOSE: To approve the transfer of the appropriation of 40,000 In Housing Trust Fund <br /> money from the Meadowmont Townhouse project sponsored by Orange Community Housing <br /> and Land Trust to two (2) acquisition projects sponsored by the same organization. <br /> BACKGROUND: In June 2001, the Board of County Commissioners (BOCC) awarded <br /> $50,000 in housing trust fund money to the development of 32 townhouse units In the <br /> Meadowmont subdivision In Chapel Hill. This project is sponsored by the Orange Community <br /> Housing and Land Twat (OCHLT) and will provide first-time homeownership opportunities for <br /> families with incomes below 80%of area median income. In Apol 2002, OCHLT Indicated that <br /> it is expected that the project will came In under budget: thus they do not anticipate needing <br /> the housing trust funs awarded to the Meadowmont project. The anficipated savings in this <br /> project is $430,000. Thus, OCHLT Is now asking that some of these funds be reallocated <br /> to two(2) proposed acquisition projects. <br /> Specifically, 01 is asking the Board to approve the use of 540,000 of the $50,000 <br /> awarded to the Meatlowmont project to enable them to acquire two unite In the County, place <br /> them in Oe Land Twat and recall them ro a low income first-time homebuyer thus ensuring <br /> their long-term affordability. One unit is located in Canhoro and the other in the Magnolia <br /> Place subdivision in Hillsborough. More specific project information is provided in the <br /> attached letter from Executive Director Robert Dowling. <br /> FINANCIAL IMPACT: Approximately $50,000 has already been set-aside in the local <br /> Housing Trust Fund for use by the Orange Community Housing and Land Trust. The Fund <br /> has a balance of approximately$278,000. <br /> RECOMMENDATION(S): The Manager recommends the approval of the transfer of the <br /> appropriation of $40,000 in Housing Twat Fund money tram the Meatlowmont Townhouse <br /> project sponsored by Orange Community Housing and Land Trust to two (2) acquisition <br /> projects sponsored by the same organ"lion. <br />