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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 21, 2003 <br />Action Agenda <br />Item No.? <br />SUBJECT: Housing Bond Policy - Land Banking Policy Approval <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Land Banking Policy <br />Affordable Housing Bond Policy <br />INFORMATION CONTACT: <br />Tara L. Fikes, ext. 2490 <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 a Land Banking Policy for incorporation into the County Affordable <br />Housing Bond Policy. <br />BACKGROUND: On October 15, 2002, the Affordable Housing Advisory Board (AHAB) <br />presented a revised Affordable Housing Bond Policy for the review and approval of the Board of <br />County Commissioners (BOCC). The Policy was approved on that date. At that time, AHAB <br />committed to continuing to work to develop criteria for a Land Banking Program for the Board's <br />consideration within 30-90 days of that date. (Land Banking provides the opportunity to <br />purchase land that becomes available prior to the establishment of a firm development plan.) <br />Also, at that time, AHAB asked that the final 20% of the $1.3 million dollars available in the first <br />round of 2001 bond funding be designated for a land banking RFP process. <br />Subsequently, a subcommittee of AHAB developed a Land Banking Policy and the Policy was <br />distributed to local non-profit organizations and posted on the County's website in order to <br />receive public feedback. The subcommittee and full Advisory Board have reviewed the public <br />comments received and a final draft Land Banking Policy has been prepared for BOCC review <br />and approval. AHAB has also prepared a summary of public comments as a foreword to the <br />Bond Policy that is attached to this abstract. The Land Banking Policy, upon approval, will be <br />incorporated into the County Affordable Housing Bond Policy approved on October 15, 2002, a <br />copy of which is attached for reference. <br />FINANCIAL IMPACT: The approved Land Banking Policy will govern the allocation of <br />approximately $260,000 of the $1.3 million housing bond dollars available this year. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the proposed <br />Land Banking Policy for incorporation into the County Affordable Housing Bond Policy.