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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: January 18, 2000 <br />Action Agenda <br />Item No. q _ Q <br />SUBJECT: Community Revitalization Pro am <br />DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Revised Guidelines 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: <br />To approve revised operational guidelines for the Community Revitalization Loan Program. <br />BACKGROUND: <br />A Community Revitalization Loan Program was created in the 1997-98 Orange County HOME program <br />design to provide funds to assist low/moderate income families purchase existing housing for first-time <br />homeownership. Funds can be used for the acquisition, property rehabilitation, or as direct second <br />mortgage assistance. <br />In late October 1999, approximately two years since inception of the program, the HOME Program <br />Council, comprised of a staff representative from Carrboro, Chapel Hill, Hillsborough, and Orange <br />County, determined the need to re-examine the guidelines for this program to ensure compliance with all <br />federal regulations, smooth program operations, and to incorporate "lessons learned". Specifically, the <br />review would review: rehabilitation costs; property appraisals; property inspections; rehabilitation <br />findings; and environmental requirements. During this review, staff temporarily suspended acceptance of <br />funding requests in order to allow the review to take place without prejudice to any given project. All <br />local non-profit housing organizations were notified of this review and were given the opportunity to <br />provide any suggestions they had regarding the program guidelines. <br />The HOME Program Council has completed its review and developed revised Program Guidelines for the <br />Community Revitalization Loan Program. The revisions define and clarify the following items: Eligible <br />activities; Loan Requirements; Recapture/Resale Provisions; Environmental Requirements; Appraisal <br />requirements; and Submission Requirements. The revisions are indicated in bold print in the guidelines. <br />FINANCIAL IMPACT: <br />A total of $60,000 was allocated in the 1997-98 fiscal year for this program and $210,000 was allocated in <br />the 1998-99 fiscal year. To date, approximately, $242,557 of the HOME dollars has been expended for <br />this program leaving an available balance of $27,443. Further, this program is also an eligible program <br />activity under the County Housing Bond Program.