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6 <br /> Tara Fikes said that at the Board's August 19th meeting, there was an item on the <br /> agenda asking to allow the issuance of taxable bonds for this project. During that discussion, a <br /> lot of questions were raised. This memo is an attempt to answer some of those questions. She <br /> said that she talked to the North Carolina Housing Finance Agency that administers the tax <br /> credit program in North Carolina, about their experiences with projects in North Carolina with the <br /> tax credit program. She found out that over the 21-year history that only six complexes have <br /> experienced foreclosure. This experience mirrors what has happened nationwide. Regarding <br /> restrictive covenants and making sure that the property remains affordable for the long-term, the <br /> low-income housing tax credit project requires that property remain affordable for 30 years. <br /> There is a declaration on the property to assure this. The thought is that the County could <br /> record its declaration of restricted covenants after what is required by the housing tax credit <br /> program. <br /> Tara Fikes pointed out the last page, which is a summary of where the funding is coming <br /> from. The County's loan would be second to any bank loan. <br /> VII. Closing Comments <br /> Artie Franklin thanked everyone. <br /> VIII. Adjourn <br /> The meeting was adjourned at 7:25 p.m. <br /> Barry Jacobs, Chair <br /> Donna S. Baker, CMC <br /> Clerk to the Board <br />