NORTH CAROLINA
EXECUTIVE SUMMARY
Meeting Date: 2/8/2010
AGENDA #7d
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TOWN OF CHAPEL HILL NORTH CAROLINA EXECUTIVE SUMMARY |
Meeting Date: 2/8/2010 |
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| Title of Agenda Item:
Consider Modifications to Affordable Housing Fund in Response to Petition from the Inter-Church Council. (R-7) Council Goal 3: Continue Focus on Land Use, Transit and Development. |
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| Background: The purpose of this report is to respond to a petition from the Inter-Church Council regarding a proposed change to the regulations of the Affordable Housing Fund to use funds for the renovation of affordable rental properties. | |||
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| Fiscal Note: We note that the Affordable Housing Fund was established as a revolving loan fund that could be used to provide a short term loan to non-profit agencies for the acquisition of property. However, in 2007, the Council modified the terms of the Affordable Housing Fund to provide funds as grant for renovation expenses or to reduce the sales price of a home. If the Council chooses to make these changes as proposed, funds used for renovation of rental property would also be provided as a grant and would not likely be returned to the Town. | |||
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| Recommendations: That the Council adopt a resolution to allow funds to be used for the renovation of affordable rental properties in response to Consider Modifications to Affordable Housing Fund in Response to Petition from the Inter-Church Council. | |||
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| ATTACHMENTS: Viewing attachments may require Adobe Acrobat. |
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| Staff Memorandum | |||
| Resolution | |||
| Letter | |||