AN ORDINANCE TO AMEND THE AFFORDABLE HOUSING FUND ORDINANCE TO PROVIDE FUNDS TO PURCHASE PROPERTIES FOR AFFORDABLE HOUSING (2008-01-14/O-6)

 

BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the Affordable Housing Fund Ordinance to provide funds to purchase properties to create permanently affordable homeownership opportunities is hereby amended as follows:

 

SECTION I

 

The Affordable Housing Fund Ordinance as authorized by the Town Council provides funds to purchase properties to create permanently affordable homeownership opportunities.

 

SECTION II

 

The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of these projects within terms of funds appropriated here.

 

SECTION III

 

Revenues anticipated to be available to the Town to complete the project are hereby amended by increasing Loan Repayments in the amount of $190,607 as follows:

 

 

 

Current Budget

Revised Budget

 

 

 

 

 

 

 

Transfer from Housing Loan Trust Fund

$    150,000

$    150,000

 

 

Loan Repayment

0

190,607

 

 

Payment in lieu – Affordable Housing

428,500

428,500

 

 

Interest

16,300

16,300

 

 

            Total

$    594,800

$    785,407

 

 

SECTION IV

 

Amounts appropriated to purchase properties to create permanently affordable homeownership opportunities are hereby amended by adding $190,607 as follows:

 

 

 

Current Budget

Revised Budget

 

 

 

 

 

 

 

Grants/Deferred Loans

$      80,000

 $      80,000

 

 

Revolving Loan Fund

514,800

        705,407

 

 

            Total

$    594,800

$   785,407

 

 

SECTION V

 

The Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.

 

SECTION VI

 

Copies of this projects ordinance shall be entered into the Minutes of the Council and copies shall be filed within five days of adoption with the Town Manager, Finance Director and Town Clerk.

 

This the 14th day of January, 2008.