Agenda - 06-29-2000-9b - Laserfiche WebLink

Browse Search

ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: June 29, 2000 Action Agenda Item No. q= J~ SUBJECT: EmPOWERment, Inc. Request for Funds for Acquisition of Eleven Homes DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No ATTACHMENT(S): 06/17/00 EmPOWERment Proposal INFORMATION CONTACT: Tara l_. Fikes, ext. 2490 TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 9fi8-4501 Durham fi88-7331 Mebane 33fi-227-2031 PURPOSE: To review a request for funds from EmPOWERment, Inc. for the acquisition of eleven homes in Carrboro for the purpose of repairing and reselling these homes to low income families. BACKGROUND: At the June 6, 2000 BOCC meeting, Myles Presler of EmPOWERment, Inc. asked the Board to consider a request for funding to purchase eleven homes in Carrboro for the purpose of repairing and reselling these homes to low income families. The request was referred to staff for a report at this BOCC meeting. EmPOWERment, Inc. has provided the attached proposal outlining their funding request. The request is presented in two scenarios. The first scenario requests $247,500 for property acquisition. The second scenario requests $292,062 paid in installments of $136,962 and $155,100. This scenario is presented as an alternative that will allow greater time for the County to review the project in relation to affordable housing policies prior to committing the total amount of funding. The first payment, $136,962, would be paid by October 1 when EmPOWERment closes on the property. The second payment of $155,100 is the cost of "holding" the project for approximately six (6) months. This proposal has been reviewed by County staff with Myles Presler of EmPOWERment, Incorporated. The following information is being provided as a result of staff review. Feasibility 1. The project will comply with the Commissioner's long-term housing affordability policy by requiring a 99 -year affordability period.