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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: February 1, 2000 <br />Action Agenda <br />Item No. q- <br />SUBJECT: <br />Revitalization <br />DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/N) No <br />ATTACF <br />Revised <br />INFORMATION CONTACT: <br />Tara L. Fikes, ext. 2490 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 9684501 <br />Durham 688-7331 <br />Mebane 336-227-21 <br />To approve revised <br />BACKGROUND: <br />A Community Revil <br />design to provide fu <br />homeownership. P <br />mortgage assistance. <br />In late October 199 <br />Council, comprised <br />County, determined <br />federal regulations, ; <br />review would revic <br />findings; and enviroi <br />funding requests in <br />local non-profit hou <br />provide any suggesti, <br />guidelines for the Community Revitalization Loan Program. <br />ition Loan Program was created in the 1997-98 Orange County HOME program <br />to assist low/moderate income families purchase existing housing for first-time <br />can be used for the acquisition, property rehabilitation, or as direct second <br />approximately two years since inception of the program, the HOME Program <br />a staff representative from Carrboro, Chapel Hill, Hillsborough, and Orange <br />need to re-examine the guidelines for this program to ensure compliance with all <br />)oth program operations, and to incorporate "lessons learned". Specifically, the <br />rehabilitation costs; property appraisals; property inspections; rehabilitation <br />:ntal requirements. During this review, staff temporarily suspended acceptance of <br />er to allow the review to take place without prejudice to any given project. All <br />g organizations were notified of this review and were given the opportunity to <br />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.