Orange County NC Website
i~rm ~.. <br />Orange County <br />Housing and Community Development <br />Date: September 4, 2008 <br />To: Orange County Board of Commissioners <br />From: Tara L. i=ikes, Director <br />Subject: Long-Term Affordability Documents <br />cc: Geof Gledhill, County Attorney <br />The purpose of this memorandum is to provide an update of the contractual and legal <br />documentation used to secure the County's interest in Fong-term affordability in all affordable <br />housing projects that receive County funding. <br />Cunently, all affordable housing projects financed with Community Development Block Grant <br />(CDBG} funds, HOME Investment Partnership Program funds, and Orange County Affordable <br />Housing Bond funds are required to remain affordable for a period of 99 years. This <br />requirement is secured by a number of documents as outlined below after the review and <br />approval of the County Attorney. <br />Basic Model <br />