Orange County NC Website
Browse       Search
The Foundation was not able to provide evidence of a to that the have been successful ~n d <br />funds in the project. Nevertheless, the Foundation sta Y <br />acquiring private mortgages for similar projects in the pmendsdthat f theoBoard awardsebond h <br />securing private financing for this project. Staff recom <br />funds to the project, then the Foundation must provide a Letter of Financial Commitment before <br />entering into a Development Agreement with the County. <br />Affordable Rentals lication and allow <br />The Board agreed to suspend the process outlined in the lement the or~ napapplication. <br />this organization to provide additional information to supp 9 <br />Staff Response: Affordable Rentals has provided the following information to address the <br />original application deficiencies: <br />i. Complete Property Rehabilitation Plans and Estimates <br />ii. An updated Project Feasibility Section to include a letter from a local financial <br />institution pledging project support and evidence of unit availability in Abbey Court <br />over the last year in lieu of purchase contracts <br />iii. Additional information regarding Board and Staff expertise <br />All final funding decisions are made at the discretion of the Board of County Commissioners. <br />The possible funding decisions by the BOCC include full funding; partial funding; and no <br />funding with a recommendation to reapply during the next funding round. <br />Additionally, feedback from the Board of County Commissioners, the Housing Bond Review and <br />Selection Committee, and bond applicants after the first 2001 funding round has indicated a <br />need for further revision of the County Housing Bond Policy. Sufficient time was not available <br />to prepare and complete the policy revisions for consideration at this meeting. The policy <br />revisions in ablack-line/strikeover format will be presented at the first BOCC meeting in August. <br />FINANCIAL IMPACT: There is approximately $780,000 available for award in Round One <br />bond funding. The remaining requests total $894,000, 13% more than is available. As <br />additional information, unit cost data is provided in the proposal summaries attached to this <br />abstract. <br />RECOMMENDATION(S): The Manager recommends that the Board award funding as the <br />Board decides and authorize the Manager to issue a Letter of Commitment detailing the <br />conditions of award. <br />