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Town of Chapel Hill Executive Summary |
Meeting Date: 04-15-2009 AGENDA #4i |
Title of Agenda Item: Response to Request from Orange Community Housing and Land Trust to Modify the Terms of a Loan for a Greenway Condominium
Background: The attached staff memorandum provides information about an amendment to a Performance Agreement with Orange Community Housing and Land Trust to convert a loan for $60,000 into a grant.
Fiscal Note: Approval of extension of the repayment of this loan would mean that funds are not available for other affordable housing projects. Approximately $58,000 is available in the Affordable Housing Fund for eligible activities.
Staff Recommendation: That the Council adopt the attached resolution authorizing conversion of the Town’s funds to a grant to Orange Community Housing and Land Trust.
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