Agenda - 08-19-2008 - 4w - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: August 19, 2008 Action Age a Item No. - SUBJECT: Housing Bond Program -Orange Community Housing and Land Trust DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Bond Program Update INFORMATION CONTACT: Tara L. Fikes, 919-245-2490 PURPOSE: To consider awarding housing bond funds in the amount of $200,000 to Orange Community Housing and Land Trust (OCHLT) to provide subsidy to Land Trust homebuyers. BACKGROUND: The County received an application from OCHLT for $200,000 in County bond funds to subsidize buyers of 13 Land Trust homes that are projected to sell in Fiscal Years 2008 and 2009. The plans are to supplement Community Development Block Grant Funds, HOME funds, and internal subsidies available for resales during these years. The Land Trust has long discussed with the County the need to subsidize the sales of homes in order to make these homes affordable to families with incomes of approximately 65% to 80% of area median income. The Land Trust is unable to identify the homes that will be resold in the coming years; however, Land Trust staff note that there is a particular need for subsidies for resales in Legion Road,. Vineyard Square, and the Greenway Condominiums. As required by the Orange County Housing Bond Policy, the Project Review and Selection (PRS) Committee held apre-application conference with staff from OCHLT to discuss the proposed application and reviewed the submitted applications. The Executive Director was then notified of the committee's recommendation and offered the opportunity to discuss the committee's funding recommendation. That offer was declined since there were no outstanding questions from the committee or OCHLT officials. Members of the Project Review and Selection Committee include: County Staff Members: Willie Best, Paul Thames, Craig Benedict, Perdita Holtz, and Tara Fikes; Commissioner Valerie Foushee; and Affordable Housing Advisory Board Members Barbara Mull, Jabrina Robinson, and Gary Gaddy. The Committee also includes representatives from the Towns of Carrboro, Chapel Hill, and Hillsborough in the person of James Harris, Loryn Barnes, and Margaret Hauth respectively. After review of the application, the Committee recommends the allocation of the remaining bond funds - $185,707 -for mortgage subsidies. The Committee also recommends that if the remaining amount of the initial request - $14,293 -becomes available from reductions in previous bond program commitments, then that amount should be awarded to OCHLT in order to fulfill the total request of $200,000.