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2 <br />As required by the Orange County Housing Bond Policy, the Project Review and Selection <br />(PRS) Committee held apre-application conference with staff from The Banks Law Firm to <br />discuss the proposed application, reviewed the submitted application, and then met. with the <br />organization to discuss the committee's funding recommendation. Members of the Project <br />Review and Selection Committee include: County Staff Members: Willie Best, Paul Thames, <br />Craig Benedict, Perdita Holtz, and Tara Fikes; Commissioner Valerie Foushee; and Affordable <br />Housing Advisory Board Members Barbara Mull and Gary Gaddy. The Committee also includes <br />representatives from, the Towns of Carrboro, Chapel Hill, and Hillsborough in the person of <br />James Harris, Loryn Barnes, and Margaret Hauth respectively. The Committee notes that <br />Affordable Housing Advisory Board member Jabrina Robinson is also a member of the Review <br />Committee; however, she did not participate in the review of this application because she is an <br />employee of The Banks Law Firm. <br />Thus, after review of the application as well as supplemental material submitted by The Banks <br />Law Firm, the Committee recommends the allocation of up to $1,000,000 in housing bond funds <br />to facilitate the construction of the Eno Haven Apartments in Hillsborough in the form of a <br />deferred, forgivable loan contingent upon the award of Low Income Housing Tax Credits by the <br />N.C. Housing Finance Agency. Additionally, TBLF Eno Haven LLC will be required to provide <br />the County with an annual accounting of project income and expenses and may be required to <br />repay to the County a portion of any excess program income beyond normal maintenance <br />reserves. <br />FINANCIAL IMPACT: There is currently approximately $1.3 million available from the FY 2001 <br />Affordable Housing Bond Program. This expenditure will leave a balance of approximately <br />$314,720. <br />RECOMMENDATION (S): The Manager recommends that the Board award housing bond funds <br />in the amount of $1,000,000 to TBLF Eno Haven LLC to assist in the construction of Eno Haven <br />a 76-unit multi-family rental complex in Hillsborough and authorize the Manager in consultation <br />with the County Attorney to enter into a Development Agreement detailing the conditions of <br />award. <br />