AGENDA #4c

 

MEMORANDUM

 

TO:                  Mayor and Town Council

 

FROM:            Council Members Strom, Brown, and Wiggins

 

SUBJECT:       Resolution Supporting the Creation of a Housing Trust Fund

 

DATE:             May 8, 2000

 

BACKGROUND AND DISCUSSION

 

One of the primary Council goals from the January retreat was to develop diverse housing options in our community.  A Housing Trust Fund is a useful tool toward achieving that goal. The Council has participated in many discussions with citizens who are concerned about affordable housing.  The N.C. General Assembly passed legislation in 1999 to allow for the creation of an Orange County Housing Trust Fund.  Such a trust fund would provide a progressive, dedicated source of local financing for diverse housing maintenance and development. 

 

RECOMMENDATION

 

That the Council adopt the attached resolution, supporting the creation of a Housing Trust Fund in Orange County and calling upon the Orange County Commissioners to allocate up to one cent on the County tax rate to such a fund.

 

 

2

 

 

A Resolution SUPPORTING THE CREATION OF A HOUSING TRUST FUND IN ORANGE COUNTY AND CALLING UPON THE ORANGE COUNTY COMMISSIONERS TO ALLOCATE UP TO ONE CENT ON THE COUNTY TAX RATE TO SUCH A FUND  (2000-05-08/R-4).

 

WHEREAS, it is important to honor our commitment to maintaining a diverse community through developing diverse housing opportunities for local families; and,

 

WHEREAS, the NC General Assembly passed legislation in 1999 which allows for the creation of an Orange County Housing Trust Fund; and

 

WHEREAS, an Orange County Housing Trust Fund would provide a progressive, dedicated source of local financing for diverse housing maintenance and development; and,

 

WHEREAS, increases in the tax rate adversely impact the low and moderate income-earning citizens in our community currently occupying affordable dwellings, and this needs to be taken into account; and,

 

WHEREAS, we believe existing programs, such as The Homestead Tax Exemption and Orange Community Housing Urgent Repair Program, should be used to help low- and moderate-income homeowners;

 

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council hereby supports the creation of a Housing Trust Fund in Orange County and calls upon the Orange County Commissioners to allocate up to one cent on the County tax rate to such a fund.

 

This the 8th day of May, 2000.