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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 6, 2000 <br />Action Agenda <br />Item No. ~_ <br />SUBJECT: Housin Band Pro am -Pine Hill Drive <br />DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/l~ No <br />ATTACHMENT(S): <br />1. Letter from EmPOWERment, Inc. <br />2. Qriginal Bond Application <br />3. Amended to Development Agreement <br />4. Amended Deed of Trust and Security <br />Agreements <br />5. Amendment to the Declaration of Restrictive <br />Covenants <br />INFORMATION CONTACT: <br />Taza L. Fikes, ext. 2490 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: <br />Approve an amendment to the Development Agreement Amendment for the Pine Hill Drive Bond Project <br />and authorize the County Manager upon the County Attorney's review and approval, to execute a <br />Development Agreement Amendment and an Amendment to the Declazation of Restrictive Covenants <br />with EmPOWERment, Inc. on behalf of the County. <br />BACKGROUND: <br />4n January 18, 2000, the Board of Commissioners authorized the expenditure of $90,000 in housing bond <br />funds to EmPOWERment, Inc. for the Pine Hill Drive Project. This project involves the acquisition of a <br />tract of land an Pine Hill Drive in Carrboro where four condemned mobile homes will be demolished, and <br />four (4) new condominium units will be built for sale to first-time homebuyers. <br />EmPOWERment, Inc.'s original proposal indicated that these properties would be mazketed to families <br />earning between 52% and 58% of the area median income. Thus, the Development Agreement between <br />the County and EmPOWERment, Inc. indicates that the units constructed in this project would be sold to <br />families in that income range. Since that time, EmPOWERment has stated that they thought that these <br />properties could be sold to families earning 70% and less of the area median income. Thus, they are <br />asking that the Development Agreement be amended to allow far sales to this income group. The current <br />Bond Program Guidelines allow funds used far land acquisition and new construction to benefit families <br />earning up to $0% of the azea median income. <br />The total scare received by the Pine Hill Drive project during the Bond Program Evaluation was d5. The <br />original proposal was rated with the presumption that these properties would be marketed and sold to <br />families between 52% and 58% of area median income. Thus, the proposal received 15 points in the <br />Income Targeting section of the Bond Program Evaluation Process. If income targeting had been <br />