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Agenda - 05-09-2000-1
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Agenda - 05-09-2000-1
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9/1/2008 11:15:16 PM
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BOCC
Date
5/9/2000
Document Type
Agenda
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1
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Minutes - 05-09-2000
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\Board of County Commissioners\Minutes - Approved\2000's\2000
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Community Profile <br />In 2000, the population of Orange .County is estimated to be 111,9$2. Of that number, <br />approximately 77 percent were White, 16 percent were African American, and 7 percent were of <br />other minority groups including American Indian, Asian, and Hispanic. The fastest growing <br />segments of the population aze of Asian and/or Hispanic descent whose population has mare <br />than doubled since 1993. <br />Further, it is estimated that approximately 12,280 of all households in Orange County were <br />considered very low income, with incomes between 0-50 percent of median family income <br />(MFI). With the exception of whites, a disproportionate percentage among all other racial groups <br />was very low income, ranging from 37 percent of the Native-American population to 44 percent <br />of the African-American population. <br />HOUSING AND COMMUNITY <br />DEVELOPMENT NEEDS <br />Conditions <br />The high cost of homeownership has forced many families to purchase housing in other counties <br />and commute into Orange County for work. The inflation of the rental market by University of <br />North Carolina-Chapel Hill (UNC-CH) students has caused hardships for families with incomes <br />below 50 percent of MFI. Larger rental units are particularly scarce. <br />Market Conditions <br />According to the Orange County Economic Development Commission, the average new home <br />sales in 1999 was $247,661, and for an existing home. the price was $200,601. To purchase this <br />new home a low income family of four persons would ,have to .spend approximately 7.9 times <br />their annual wages. For an existing home, the family would have to spend approximately 6.4 <br />times their annual wages. In both of these instances, the low-income family need to have more <br />money than they earn and is certainly well above the HUD standard for affordable housing. <br />(U.S. Department of HUD standards define affordable owner occupied housing as purchasable at <br />2.5 to 3.0 times total family annual income.) <br />The rental housing market, inflated by the ability of University of North Carolina at Chapel Hill <br />students able to pay market rents, is beyond the means of families with incomes below, 50% of <br />the area median. In 2000, it is estimated that rental units represent 43% of the county-wide <br />housing market and approximately 67% of those rental households experience an extreme cost <br />burden --paying between 30% to 50% of their income far rental housing. <br />Each year, HUD publishes existing housing Fair Mazket Rents (FMRs) for metropolitan areas <br />and non-metropolitan counties in the country. These FMRs aze based on the fortieth percentile <br />of standard quality rental units occupied by recent movers. Public housing units, newly <br />constructed units, and substandard units are excluded from the calculations. FMRs are <br />established by unit size (number of bedrooms) and include an allowance for utilities. <br />6 <br />
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