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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: April 11, 2000 <br />Action Agenda <br />Item No. ~° ~,. <br />SUBJECT: Affordable Housing Bond Program <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Status Report . <br />Housing Bond Policy <br />Long-Term Affordability Policy <br />INFORMATION CONTACT: <br />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 discuss the steps necessary for full implementation of the Affordable Housing Bond <br />Program. <br />BACKGROUND; <br />In December 1999, based on the recommendation of the Band Project Review Committee, staff <br />presented eight projects for funding from the 1997 Affordable Housing Bonds. In December <br />1999 and January 2000, the Board awarded bond .funding to EmPQWERment, Inc, Habitat for <br />Humanity, and Scarlett Drive for time sensitive projects to be undertaken by these non-profit <br />organizations. At that time, the Board indicated a need to discuss the evaluation criteria for <br />potential bond projects and long-term affordability prior to awarding additional bond funding. <br />To facilitate this discussion, the following items are included with this abstract: <br />1. Housing Bond Program Status Report <br />2. Housing Bond Policy including Evaluation Criteria <br />3. Long-Term Affordability Policy (dated April 4, 2000) <br />FINANCIAL IMPACT: <br />Housing Bond funds in the amount of $1,110,000 are available for affordable housing projects. <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the steps <br />necessary for full implementation of the Affordable Housing Bond Program. <br />