AGENDA #4m
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TO: |
Roger L. Stancil, Town Manager |
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FROM: |
J.B. Culpepper, Planning Director |
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Loryn Clark, Housing and Neighborhood Services Coordinator |
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SUBJECT: |
Resubmittal of the Recommended 2007-2008 HOME Program |
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DATE: |
May 7, 2007 |
The purpose of this memorandum is to present to the Council additional information regarding the recommended 2007-2008 HOME Program Plan.
The attached resolution would:
1. Approve a plan developed by the HOME Program Review Committee for use of $810,005 of 2007-2008 HOME Program funds;
2. Amend the fiscal year 2004-2005, 2005-2006, and 2006-2007 HOME Program plans to reallocate $470,027; and
3. Authorize this plan to be incorporated into the Annual Update to the 2005-2010 Consolidated Plan developed with Orange County, Hillsborough and Carrboro for submittal to the U.S. Department of Housing and Urban Development on May 15, 2007.
On April 23, 2007, we presented a recommended 2007-2008 HOME Program Plan to the Council. At that time, a Council member requested additional information about a proposed allocation of $300,000 to Orange Community Housing and Land Trust for the Winmore Development, a tax credit project located in Carrboro. Specifically, the Council member asked if the funds would be provided as a grant or a loan.
In response to this request for additional information, we consulted with Orange Community Housing and Land Trust. The Land Trust will partner with Crosland, a for- profit developer, to develop this project. The HOME Program funds will be provided as a loan that would be repaid to the HOME Program over 30 years with two percent interest.
We recommend that the Council adopt the attached resolution that would:
1. Approve a plan developed by the HOME Program Review Committee for use of $810,005 of 2007-2008 HOME Program funds;
2. Amend the fiscal year 2004-2005, 2005-2006, and 2006-2007 HOME Program plans to reallocate $470,027; and
3. Authorize this plan to be incorporated into the Annual Update to the 2005-2010 Consolidated Plan developed with Orange County, Hillsborough and Carrboro for submittal to the U.S. Department of Housing and Urban Development on May 15, 2007.
1. April 23, 2007 Memorandum to Roger L. Stancil (begin new page 1).