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6 <br /> Contingency Statement <br /> The Draft Action Plan utilizes the FY 2024-2025 grant allocations from the U.S. Department of Housing <br /> and Urban Development (HUD). <br /> Administrative Costs: 10%of the total HOME funds will be reserved for Administrative Costs. <br /> Remaining HOME Funds Allocation: <br /> Rental Construction 67% <br /> Tenant Based Rental Assistance (TBRA) 33% <br /> AP-05 Executive Summary <br /> Introduction <br /> The Orange County, North Carolina HOME Consortium, is a Participating Jurisdiction in the U.S. <br /> Department of Housing& Urban Development's (HUD) HOME Investment Partnerships Program <br /> (HOME). Under the HOME Program, local governments are able to join together to form a consortium in <br /> order to receive HOME funding for affordable housing. The Orange County HOME Consortium is made <br /> up of four(4) members: Orange County, the Town of Carrboro,the Town of Chapel Hill, and the Town of <br /> Hillsborough, with Orange County serving as the lead entity.The Town of Chapel Hill also receives <br /> Federal Community Development Block Grant(CDBG) funds each year. <br /> Orange County is required to complete an annual plan for the use of HOME funds to HUD, called the <br /> Annual Action Plan.The Annual Action Plan is a guide to how the County will allocate its resources for <br /> specific activities that support the Goals and Objectives of the Orange County HOME Consortium's Five <br /> Year Consolidated Plan.This is the HOME Consortium's fifth Annual Action Plan of the 2020-2025 Five <br /> Year Consolidated Plan. The Consolidated Plan describes the housing and non-housing needs of County <br /> residents and presents a five-year strategy to address those needs. <br /> This Annual Action Plan outlines how Orange County will use HOME funds to address the goals and <br /> priorities in the Consolidated Plan and which activities the County will undertake using HOME funds <br /> during the upcoming program year.The Orange County HOME Program Year aligns with the County <br /> Fiscal Year, beginning July 1 and ends June 30 of each year.This Annual Action Plan addresses funds for <br /> Fiscal Year (FY) 2024-2025, which begins July 1, 2024 and ends June 30, 2025. <br /> The FY 2024-2025 Annual Action Plan outlines the actions to be undertaken with the HOME funds to be <br /> received by the Orange County HOME Consortium. This plan excludes the Town of Chapel Hill's CDBG <br /> program;the Town will complete a separate Annual Action Plan for its CDBG allocation from HUD. <br /> Based on HUD's FY 2024 allocations,the Orange County HOME Consortium will receive $367,014 in <br /> awarded funds and $28,306 in HOME program income. Orange County will use 10%of awarded funds <br /> for administration—$36,701.00. In total, Orange County will have $358,619.00 available to award for FY <br /> 2024-2025. <br /> Annual Action Plan 3 <br /> FY 2024-2025 <br />