NORTH CAROLINA
EXECUTIVE SUMMARY
Meeting Date: 6/22/2009
AGENDA #5h
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TOWN OF CHAPEL HILL NORTH CAROLINA EXECUTIVE SUMMARY |
Meeting Date: 6/22/2009 |
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| Title of Agenda Item:
Use of the Fannie Mae Uniform Community Land Trust Ground Lease Rider. (R-6) |
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| Background: The purpose of this memorandum is to respond to a request from Orange Community Housing and Land Trust to use a Fannie Mae Uniform Ground Lease Rider when Land Trust homes are sold to qualified buyers. | |||
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| Fiscal Note:
In the rare case that a home is lost from the affordable housing stock as a result of a foreclosure, the Town may not be able to recapture its investment in the home. |
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| Recommendations:
We recommend that the Council endorse the Land Trust’s use of the Fannie Mae Uniform Community Land Trust Ground Lease Rider. We also recommend that the Council authorize the Manager to execute necessary documents that would implement this endorsement. |
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| ATTACHMENTS: Viewing attachments may require Adobe Acrobat. |
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| Staff Memorandum | |||
| Resolution | |||
| Letter from Community Land Trust | |||