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� 1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: August 20, 2002 <br /> Action Agen a f <br /> Item No. I� <br /> SUBJECT: Community Development Block Grant Award — IDA Program <br /> DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (YIN) No <br /> ATTACHMENT(S): <br /> Program Summary INFORMATION CONTACT: <br /> Grant Agreement Tara L. Fikes, ext 2490 <br /> Funding Approval Form <br /> Signatory Form and Certification TELEPHONE NUMBERS: <br /> Resolution Hillsborough 732-8181 <br /> Grant Project Ordinance Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 336-227-2031 <br /> PURPOSE: To approve the execution of the Grant Agreement; Funding Approval Form; <br /> Signatory Form and Certification cards; and Resolution for the FY 2001 Community <br /> Development Block Grant Award and adopt a Grant Project Ordinance for the award. <br /> BACKGROUND: Orange County has now been officially awarded a $40,000 Community <br /> Development Block (CDBG) Grant from the N.C. Department of Commerce for an Individual <br /> Development Account Program for first-time homebuyers with incomes below 80% of the area <br /> median income.. The County submitted a formal application for these funds in April 2002. <br /> Funds from this grant will be used to match first-time homebuyer participant's savings for a <br /> downpayment to purchase their first home. The match ratio is 2:1. For example, if a participant <br /> saves $1,000 toward the down payment on a home, their savings are matched with $1,000 in <br /> CDBG funding and $1,000 in local funding equating to a 2:1 match of local savings. A program <br /> summary is attached. <br /> In order to proceed with grant activities, the attached Grant Agreement, Funding Approval form, <br /> and Signatory Form and Certification must be executed by the Chair of the Board and returned <br /> to the N.C. Department of Commerce. Additionally, in order to receive the funds, a Grant <br /> Project Ordinance must be adopted by the BOCC. <br /> Further, many grant implementation documents that were signed in previous years by County <br /> staff are now required to be signed by the Chief Elected Official or the Chair of the Orange <br /> County Board of Commissioners. These implementation documents are very routine <br /> documents that must be submitted throughout the life of the grant. To facilitate the execution of <br /> these documents, a resolution has been prepared to give signatory authority to the Chair of the <br /> Board of Commissioners for all documents required to meet the grant implementation <br />