Agenda - 12-13-2005-5k - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: December 13, 2005 Action Agen~da// Item No. SUBJECT: Habitat for Humanity - Challer DEPARTMENT: Housing/Community Dev Grant PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Letter from Habitat INFORMATION CONTACT: Tara L. Fikes, ext 2490 PURPOSE: To consider awarding $5,000 from the Affordable Housing Tn~st Fund to Habitat far Humanity for land acquisition for future affordable housing development. BACKGROUND: The County has received the attached request from Habitat for Humanity for a grant of $5,000 as a contribution to assist in meeting a local foundation fundraising challenge. The local foundation, The Stewards Fund, has challenged Habitat to raise $150,000 in gifts and pledges restricted for land acquisition in order to receive a matching gift of $150,000. Funds must be raised between October 1, 2005 and .lanuary 16, 2006. This challenge is an "all or nothing" proposition and represents the first challenge grant received by Habitat designated for land acquisition only. As indicated in the letter, fiands raised will be used to help purchase and develop properties along Purefoy Road in Chapel Hill, two lots on Terrell Street in Hillsborough, and 18 lots on Tulip Tree Road in Hillsborough. The funds will also be used to help fund the future purchase and development of additional land for affordable housing. Habitat supporters have raised $115,000 toward the $150,000 challenge amount according to Executive Director Susan Levy. FINANCIAL IMPACT: There is approximately $90,940 available in the County's Affordable Housing Trust Fund. This expenditure will leave a balance of $85,940. RECOMMENDATION (S): The Manager recommends that the Board award $5,000 from the Affordable Housing Trust Fund to Habitat for Humanity for land acquisition for future affordable housing development.