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

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2. The project will benefit families at or below 80% of median income, the target population for most affordable housing projects. 3. The project uses existing housing to provide additional home ownership opportunities. EmPOWERment, Inc. has successfully implemented this activity in past projects. Outstanding Issues 1. The properties in question have not been appraised to determine current market value nor has a title search been conducted. 2. Rental tenants presently occupy the properties. The proposal indicates that EmPOWERment plans to sell these properties to the existing tenants where possible, However, the potential for displacement of these residents is still present since it is unclear whether the families would be eligible or interested in purchasing the homes. 3. If bond money is used for this project, it raises a fairness question since other bond projects have been placed on hold. 4. Staff does not support Scenario 2 of the proposal. This scenario divides the investment into two payments with the County paying the operating subsidy required to hold the properties as rental property until the County releases a second payment. This scenario requires $44,562 more than Scenario 1. Myles Presler of EmPOWERment, Inc. will be present to answer questions. FINANCIAL IMPACT: This request is for funding in the amount of $247,500 or $292,052 for Scenario I and 2 respectively. RECOMMENDATION(S): The Manager recommends, based on the specific request in EmPOWERment's June 17 letter, that the Board: 1) Indicate whether or not this is a project that the Board is interested in pursuing; and 2) If so, identify any questions, concerns, or additional information that EmPOWERment needs to address to the Board's satisfaction in the coming weeks so the Board can consider whether to make a final funding commitment to this project at the August 15, 2000 regular BOCC meeting.