Agenda - 09-09-2002 - 1 - Laserfiche WebLink

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i ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 9, 2002 Action Agenda Item No. 1 SUBJECT: Housing Bond Policy Revision DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: Revised Housing Bond Policy Tara L. Fikes, ext 2490 Written Public Comments— Compiled TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To review the proposed Housing Bond Policy revisions and offer comment and direction to the Affordable Housing Advisory Board and County staff. BACKGROUND: In November 1997, Orange County voters approved the first Affordable Housing Bond issue in the amount of$1.8 million dollars. In the spring of 1998, a Housing Bond Policy Task Force was formed to develop a Housing Bond Policy that was approved in December 1998. In December 1999, the BOCC approved three bond projects committing a total of$690,000 according to the approved policy. Later in 2000, as a part of its work, the Commissioners Affordable Housing Task Force reviewed the Housing Bond Policy, recommended modifications to the Policy, and the revised Policy was approved by the BOCC in April 2001. In June 2001, the BOCC awarded the remaining $1,110,000 in bond funds in accordance with the revised policy. Orange County voters approved a second bond issue in November 2001 for affordable housing in the amount of$4 million dollars. Subsequently, the Affordable Housing Advisory Board (AHAB) began review of the existing bond policy in preparation of identifying projects to be financed from the 2001 bonds. This review has yielded further recommendations for modifications as detailed in the attached copy of the Housing Bond Policy. Allan Rosen, Vice- Chair of AHAB and Chair of the Board's Housing Bond Policy Ad Hoc Committee, will present, these proposed changes to the Board. The proposed Bond Policy was distributed to local non-profit organizations and posted on the County's website in order to receive public feedback regarding the proposed policy. An official comment period from August 19 — 30, 2002 was advertised and respondents were asked to submit their comments in writing by the close of business on Friday, August 30, 2002. A copy of the written comments is attached as additional information.