ATTACHMENT 7
Summary of the 2005-2006
Orange County HOME Consortium HOME Program
The U.S. Department of Housing and Urban Development has awarded the Orange County HOME Consortium $707,949 for fiscal year 2005-2006. In addition, the participating municipalities are required to contribute a 25% match of the grant funds after subtracting administration costs of $70,795. The total match requirement is $159,287. The Town’s contribution to the matching funds is 41% or $65,308. Orange County, Carrboro and Hillsborough will contribute $63,715, $22,300 and $7,964 respectively. The plan also includes $111,660 of residual funds from previous years. Therefore, including grant funds, program administration, and residual funds, the total amount available for 2005-2006 is $978,896.
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1. |
Rental Assistance |
HOME Consortium |
$127,102 |
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2. |
Property Acquisition |
Town of Hillsborough |
$100,000 |
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Chrysalis Foundation (OPC Mental Health) |
$100,000 |
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3. |
Homeowner Assistance |
Orange Community Housing and Land Trust (Pacifica and Northside) |
$115,000 |
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Habitat for Humanity (Richmond Hills) |
$ 80,000 |
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EmPOWERment, Inc. (Davie Rd.) |
$ 75,000 |
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Orange County (Individual Development Account Program) |
$ 25,000 |
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4. |
Pre-Development |
Habitat for Humanity (Sunrise Ridge) |
$ 70,000 |
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InterFaith Council Men’s Residential Center |
$ 75,000 |
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5. |
New Construction |
Habitat for Humanity (Rusch Hollow II) |
$100,000 |
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6. |
Rental Assistance |
Weaver Community Housing Assoc. |
$ 26,000 |
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7. |
Operational Support |
Orange Community Housing and Land Trust |
$ 15,000 |
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Administration |
Orange County Housing |
$ 70,794 |
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TOTAL |
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$978,896 |