Agenda - 05-20-2003-9a - Laserfiche WebLink

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Hillsborough. The BOCC appointed these members on December 2, 2002. The PRS Committee funding recommendations are indicated in the chart below. Project Type Requeste d PRS Recommendation BOCC Decision Homeownership _ EmPOWERment, Inc. $90,000 $90,000* _ Habitat for Humanity $170,000 $170,000 Special Needs _ OPC Foundation $260,000 Incomplete Application Non-Special Needs Rental _ Affordable Rentals $364,000 Incom lete A licatior_i Weaver Community Housing Association $270,000 $270,000 _ TOTAL $1,267,000 $530,000 * Conditional funding is recommended for this project pending approval of the Development Concept Plan by the Town of Chapel Hill by December 31, 2003. As noted above, the PRS Committee recommends funding for three applicants and no funding in this round for two others due to the incompleteness of their application. Local staff will work with these applicants to develop complete applications to submit during the second funding round. The second round will begin immediately after the BOCC approves this initial funding round and extend for 60 days. These funding recommendations are based on application review in accordance with the Evaluation Criteria of the Housing Bond Policy (October 15, 2002 version). The Bond Policy assigns points to each section of the Criteria. Projects that score above 60 points are considered eligible for funding. This, however, should not be interpreted as an absolute since final funding decisions are made at the discretion of the BOCC. The possible funding decisions by the BOCC include full funding; partial funding; and no funding with a recommendation to reapply. FINANCIAL IMPACT: The recommended bond projects, if fully funded, will commit $530,000 in Round One 2001 Affordable Housing bonds and is leveraged by approximately $1,024,513 in other funds. There is approximately $510,000 remaining from the round one funding level of $1,040,000 that would be available for another funding round. RECOMMENDATION(S): The Manager recommends that the Board award funding as the Board decides and authorize the Manager to issue a Letter of Commitment detailing the conditions of award.