AN ORDINANCE TO AMEND THE AFFORDABLE HOUSING FUND ORDINANCE TO PROVIDE FUNDS TO PURCHASE PROPERTIES FOR AFFORDABLE HOUSING (2008-05-19/O-3)

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 Payment in lieu – Affordable Housing in the amount of $324,192 as follows:

	Current Budget	Revised Budget
Transfer from Housing Loan Trust Fund	$   150,000	$    150,000
Loan Repayment	190,607	514,799
Payment in lieu – Affordable Housing	428,500	428,500
Interest	16,300	16,300
Total	$   785,407	$   1,109,599

SECTION IV

Amounts appropriated to purchase properties to create permanently affordable homeownership opportunities are hereby amended by adding $324,192 as follows:

	Current Budget	Revised Budget
Grants/Deferred Loans	$   180,000	$   180,000
Revolving Loan Fund	555,407	879,599
Rehabilitation	50,000	50,000
Total	$   785,407	$  1,109,599

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 19^th day of May, 2008.