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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: June 29, 2000 <br />SUBJECT: HOME Program--Property Acquisition <br />Action Agenda <br />Item No. ~~ <br />DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/NJ No <br />ATTACHMENT(S): <br />Letter from EmPOWERment, Inc. <br />INFORMATION CONTACT; <br />Tara L. Fikes, ext 2490 <br />Development Agreement <br />TELEPHONE NUMBERS: <br />Hillsborough <br />Chapel Hill <br />Durham <br />Mebane <br />732181 <br />968-4501 <br />688-7331 <br />336-227-2031 <br />o au onze a execution o a eve opment greement wi ent, con <br />behalf of the Orange County HOME Consortium for the acquisition of rental property in Chapel Hill and <br />authorize the Manager to execute the document upon the approval of the County Attorney. <br />BACKGROUND: The Orange County HOME Consortium, in May 1999 approved the FY 1999 HOME <br />Program that included an allocation of $100,000 for rental property acquisition by the non-profit agency, <br />EmPOWERment, Incorporated. <br />The agency has now identified property at 316 A & B McMasters Street in Chapel Hill to purchase and <br />repair and then lease to low-income families. The purchase price is $85,000 and they anticipate repair <br />costs to be approximately $60,000. The current appraised value of this property is $87,000. These are <br />three bedroom units that EmPOWERment will lease for $815 per month. They are requesting $45,000 in <br />HOME funds to apply to acquisition and the remaining costs far acquisition and BB&T will finance rehab <br />costs. <br />As the lead entity for the Orange County HOME Consortium, the County must enter into a Development <br />Agreement with EmPOWERment, Inc. for expenditure of HOME funds for this property acquisition. <br />FINANCIAL IMPACT: This action will represent an expenditure of $45,000 from the 1999 HOME <br />Program allocation. <br />RECOMMENDATION(S): The Manager recommends authorizing the execution of a Development <br />Agreement with EmPOWERment, Inc on behalf of the Orange County HOME Consortium for the <br />acquisition of rental property in Chapel Hill and authorize the Manager to execute the document subject to <br />final review by staff and the County Attorney. <br />