Orange County NC Website
ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: Apri14, 2000 <br />Action Agenda <br />Item No. ,,. q- 4 <br />SUBJECT: Lon -Term Housing Affordability Policy <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/1~ No <br />ATTACHMENT(S): INFORMATION CONTACT: <br />Tara L. Fikes, ext 2490 <br />Long Term Housing Affordability Policy <br />Letter from EmPOWERment, Inc. <br />Comparison Statement <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 6$$-7331 <br />Mebane 336-227-2031 <br />PURPOSE: <br />To approve along-Term Housing Affordability Policy that will ensure long-term housing affordability <br />with County affordable housing projects. <br />BACKGROUND: <br />On December 7, 1999, the County Attorney and the Housing/Comrnunity Development Director <br />presented a report regarding long-term housing affordability that included several potential strategies that <br />could be utilized with future County affordable housing projects. Since that time, the Board has indicated <br />an interest in adopting specific strategies for ensuring long-term affordability for the County's programs. <br />The attached Policy includes specific strategies that may be utilized for both rental and owner-occupied <br />affordable housing projects that receive fmancial contributions from the County. These strategies are <br />designed to promote the Commissioners' interest in retaining these properties in the County's <br />affordable housing inventory. <br />After the Board's initial discussion, the local non-profit, EmPOWERment, Inc., expressed concerns <br />regarding the equity sharing proposal included in the attached Policy. Their concerns are detailed in the <br />attached February 7, 20001etter. <br />In an effort to illustrate the details of the equity sharing proposals, included with this abstract is a <br />"Comparison Statement" comparing the County's current equity sharing proposal and the one proposed <br />by EmPOWERment. <br />FINANCIAL IMPACT: <br />None. <br />RECOMMENDATION (S): <br />The Manager recommends approval of the Long Term Housing Affordability Policy. <br />