A RESOLUTION AUTHORIZING AN ACQUISITION LOAN OF UP TO $60,000 FROM THE AFFORDABLE HOUSING FUND TO ORANGE COMMUNITY HOUSING AND LAND TRUST (2007-04-11/R-10)

WHEREAS, on March 26, 2007 the Council established guidelines for the Affordable Housing Fund; and

WHEREAS, the use of funds to provide loans to non-profit organizations to purchase existing properties is an eligible activity of the Affordable Housing Fund; and

WHEREAS, the Council has received a request from Orange Community Housing and Land Trust to use up to $60,000 to purchase a Greenway condominium in Meadowmont;

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council authorizes use of up to $60,000 from the Affordable Housing Fund to purchase a unit at Greenway Condominiums.

BE IT FURTHER RESOLVED that the Council authorizes an exception to the regulations of the Affordable Housing Fund and extends the term of repayment of the funds to two years.

BE IT FURTHER RESOLVED that in two years, the Land Trust will repay the Town’s loan or request that the Town extend the terms of the loan or request that the funds be converted into a grant.

BE IT FURTHER RESOLVED that the Council authorizes the Manager to execute a Performance Agreement with Orange Community Housing and Land Trust that would establish conditions consistent with the memorandum of April 11, 2007.

This the 11^th day of April, 2007.