A RESOLUTION  GRANTING AN EXCEPTION TO THE COUNCIL’S FIRST-TIME HOMEBUYER POLICY FOR A GREENWAY CONDOMINIUM HOMEOWNER (2008-03-03/R-3)

WHEREAS, Orange Community Housing and Land Trust has requested that the Council modify its affordable housing policies; and

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council grants an exception to the first-time homebuyer policy for this particular case to allow the Land Trust to provide assistance to an existing Greenway condominium owner to purchase a first floor unit.

BE IT FURTHER RESOLVED that the Council allows the Land Trust to receive assistance from the Housing Loan Trust Fund to reduce the sales price of the unit for this buyer. 

BE IT FURTHER RESOLVED that the Council refers the petition from Orange Community Housing and Land Trust to the Council Committee on Affordable Housing for further discussion.

This the 3^rd day of March, 2008.