Agenda - 04-11-2000-5a - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: April 11, 2000 Action Agenda Item No. ~-[,~ SUBJECT: Communit Revitalization Pro am DEPARTMENT: Housing/Comm. Development FUBLIC HEARING: (Y/1~ No ATTACHMENT(S): Revised Guidelines INFORMATION CONTACT: Taza L. Fikes, ext. 2490 TELEPHONE NUMBERS: Hillsborough 732-51$1 Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To approve revised operational guidelines for the Community Revitalization Loan Program. BACKGIYOUND: 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 yeazs 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. These modifications were presented to the Boazd on April 3, 2000. At that meeting, more revisions were suggested and have been incorporated into the attached Guidelines. These guidelines seek to define and clarify the following items: Eligible activities; Loan Requirements; Recapture/Resale Provisions; Environmental Requirements; Appraisal requirements and Submission Requirements. The revisions as of Apri14, 2000 are indicated by bold print. FINANCIAL IMPACT: A total of $60,000 was allocated in the 1997-98 fiscal year for this program and $210,000 was allocated in the 1998-99 fiscal year. To date, approximately, $242,557 of the HOME dollazs has been expended for this program leaving an available balance of $27,443. Further, this program is also an eligible program activity under the County Housing Bond Program. RECOMMENDATION(S): The Manager recommends approval of the Revised Operational Guidelines for the Community Revitalization Loan Program.