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At their April 4, 2000 meeting, the Board of Commissioners requested that the Manager develop <br />preliminary recommendations that the Board could consider in responding to the proposed "A <br />Penny for Housing" program. As a starting point far discussion, several options are outlined <br />below: <br />1. The County appropriates the equivalent of '/4 cent on the Countywide tax rate <br />each year for three years as a contribution to a Housing Trust Fund. <br />2. The County appropriates up to the equivalent of ~/4 cent on the Countywide tax <br />rate each year for three years as a contribution to a Housing Trust Fund, to the <br />extent those funds are matched by other local entities. <br />3. _ The, County appropriates the equivalent of ~/4 cent on the Countywide tax rate <br />each year for three years as a contribution to a Housing Trust Fund, and, up to the <br />equivalent of an additional'/ cent, to the extent those funds are matched by other <br />local entities. <br />A three-year time frame is suggested as a reasonable period during which to assess the degree <br />to which the Housing Trust Fund is able to meet its objectives. <br />FINANCIAL IMPACT; Based on preliminary estimates of the 2000 tax base, one quarter cent <br />on the 200001 Countywide tax rate would generate approximately $175,000. <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the proposal for <br />the creation of a local housing trust fund and provide appropriate direction to staff. <br />