Agenda - 04-04-2000-9b - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: Apri14, 2000 Action Agenda Item No. __ 9 - 6 SUBJECT: Community Revitalization Program DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/1~ No ATTACHMENT(S): Revised Guidelines Program Expenditure Summary INFORMATION CONTACT: Tara L. Fikes, ext. 2490 TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968-4501 Durham 68$-7331 Mebane 336-227-2031 PURPOSE: To approve revised operational guidelines for the Community Revitalization Loan Program. BACKGROUND: A Community Revitalization Loan Program was created in the 1997-98 Orange County HOME program design to provide funds to assist low/moderate income families purchase existing housing for first-time homeownership. Funds can be used for the acquisition, property rehabilitation, or as direct second mortgage assistance. In late October 1999, approximately two years since inception of the program, the HOME Program Council, comprised of a staff representative from Carrboro, Chapel Hill, Hillsborough, and Orange County, determined the need to re-examine the guidelines for this program to ensure compliance with all federal regulations, smooth program operations, and to incorporate "lessons learned". Specifically, the review would review: rehabilitation costs; property appraisals; property inspections; rehabilitation findings; and environmental requirements. On February 14, 2000, the revised Program Guidelines for the Community Revitalization Loan Program were presented to the Board for adoption. At that time, the Board requested review and/or modification of certain guidelines. Specifically, the Boazd discussed the following: 1. Consideration of allowing refinancing/assumptions if due to lower interest rates; 2. Consideration of the county costs associated with refinancing; 3. Incorporate deconstruction; green building principles; and generally review environmental requirements of the program; and 4. Provide a list of non-profit organizations that have received funding under this program with expenditure detail;