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A motion was made by Commissioner Nelson, seconded by Commissioner Carey to approve the six-mile insurance district maps for the rural fire districts and five-mile insurance district maps for the East Alamance District and Greater Chapel Hill Fire District. VOTE: UNANIMOUS c. Housing Bond Program — Eno Haven The Board considered approval of the issuance of a portion of the remaining authorized housing bonds as taxable bonds for the proposed Eno Haven multi-family rental complex. Housing and Community Development Director Tara Fikes said that the Bond Counsel explained this situation clearly above. The actual application has been reviewed by the North Carolina Housing Finance Agency. It is clear that, in order to get the maximum benefit of the tax credits, the bonds would have to be issued as taxable. The developer has agreed to take on the responsibility of paying the additional debt service cost that would be associated with issuing these bonds as taxable. According to the current estimate, the additional debt cost would be $260,000. Commissioner Nelson said that since this is a private company, what would happen to the project. Tara Fikes said that she is pretty sure that there will be a way to guarantee that the project remains affordable. Geof Gledhill said that a deed of trust only guarantees land returns to Orange County. The County will have the ability to get the property back. Commissioner Nelson said that this is a scarier way to proceed, but he will not vote against it. Bob Jessup said that the requirements of the federal tax credit program will impose a restriction on the property for dedication for affordable housing for at least 20 years. There is no way to take the business risk out of this. Commissioner Gordon said that she needs more time and details. She has had concerns before about private versus non-profit entities. She would prefer that Tara Fikes and Geof Gledhill come back with details about how the County would be protected. Commissioner Foushee said that she is a member of the Affordable Housing Advisory Board and she has a better understanding of the project. She said that she has some of the same concerns that Commissioner Nelson has. However, she does believe that the nature of the project is such that the County does not have this type of affordable housing for the aging and the disabled in northern Orange County. She sees this as an opportunity. She is ready to move adoption of this item. A motion was made by Commissioner Foushee, seconded by Commissioner Carey to approve the issuance of a portion of the remaining authorized housing bonds as taxable bonds for the proposed Eno Haven multi-family rental complex. Commissioner Carey said that the Board specifically voted to allow for-profits to compete for projects, and the Board voted in June to approve this project. Chair Jacobs asked about a deadline. Sherrad Banks was with the developer. He thanked the Board for supporting the project in June. He said that, at the time that the agenda item was prepared, the State finance agency had not yet awarded tax credits. Just this past Friday, the State awarded tax credits for this project. He made reference to the bankruptcy issue; this project has $4.9 million in equity from the syndication of federal tax credits. This is a substantial percentage of the project. In addition to that, there is $700,000 of equity coming from the State from syndication of the State tax credits. The partner in this transaction is RBC Capital Markets. This will ensure that the project will not go belly up. There will be some private debt from the $1.7 million, and this will be the first lien on the project. The State will have a $500,000 lien on the project also. He said that it