HomeMy WebLinkAboutRES-2002-027 FY 2002 CDBG Program – IDA Program~,~L - ~~o ~
REVISED ~ ~~S- o _?OU ~ ~ ~02 ~ 3
ORANGE COUNTY BOARD OF COMMISSIONERS
RESOLUTION AUTHORIZING AN APPLICATION FOR COMMUNITY
DEVELOPMENT BLOCK GRANT FUNDS
WHEREAS, the N.C. Department of Commerce - Division of Community
Assistance announced the availability of approximately $500,000 in Small Cities
Community Development Block Grant (CDBG) Program funds for the purpose of
establishing Individual Development Account (IDA) Programs to first-time homebuyers
with incomes below 80% of the area median income; and
WHEREAS, an application for funding must be sent to the Division of
Community Assistance on or before Apri130, 2002 in order to receive the funds; and
WHEREAS, Individual Development Accounts axe dedicated savings accounts to
be used for homeownership only; and
WHEREAS, the Women's Center presently operates an IDA Program under the
County's TANF Prograrn and has expressed an interest in administering this program
utilizing CDBG funds;
WHEREAS, the grant funds will be used to match participant savings by a 1:1
ratio for a total of twenty (20) families.
NOW, THEREFORE BE IT RESOLVED by the Orange County Board of
Commissioners, that an application for FY 2002 Community Development Block Grant
funds for the Individual Development Account Program under the North Carolina Small
Cities Program is hereby authorized. The amount of the request will be $40,000. The
application will be submitted on or about Apri130, 2002.
FURTHER, the Orange County Board of Commissioners authorizes the Chair of
the Board to sign the application document on the County's behalf.
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This the 16th day of Apri12002.