HomeMy WebLinkAboutAgenda - 11-20-2012 - 5m \r
Y
1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: November 20, 2012
Action Agenda
Item No. 5-m
SUBJECT: Housing Bond Program — Rusch Hollow
DEPARTMENT: Housing, Human Rights, and PUBLIC HEARING: (Y/N) No
Community Development
ATTACHMENT(S):
Floorplan and Budget INFORMATION CONTACT:
Housing Bond Program Update Tara L. Fikes, 245-2490
PURPOSE: To consider awarding housing bond funds in the amount of $144,304 to Habitat
for Humanity for the construction of a rental duplex in the Rusch Hollow subdivision.
BACKGROUND: In January 2008, the Board of County Commissioners awarded $130,000 in
housing bond funding to the Chrysalis Foundation to assist with the construction of five attached
rental units in the Rusch Hollow subdivision developed by Habitat for Humanity of Orange
County (Habitat). Unfortunately, in the following year, 2009, the Chrysalis Foundation ceased
operations due to financial constraints and this proposed project has since been stalled.
In order to provide rental housing in this neighborhood as originally planned, Habitat proposes
using the remaining uncommitted bond funds ($144,304) to build a duplex on one of the original
lots slated for rental housing. The duplex would be built using Habitat's sweat equity model. At
completion, the Town of Chapel Hill Housing Department would take ownership of the units and
rent them to low income, elderly tenants. The project floorplan and budget are attached.
The Affordable Housing Advisory Board has reviewed this proposal and recommends approval.
FINANCIAL IMPACT: Commitment of the remaining $144,304 in housing bond funds will
complete the allocation of all available bond funds. A Housing Bond Program Update is
attached as additional information.
RECOMMENDATION(S): The Manager recommends that the Board approve awarding
housing bond funds in the amount of$144,304 to Habitat for Humanity for the construction of a
rental duplex in the Rusch Hollow subdivision.
N W
f7 i $ A 8 ` J
¢ 2 y O
N
ti.'v
T
i
i --
lo
ZD c
.g
° o0 LO
cu
t
s t , !
`
� -5
3
f I o ��
e I ��
w 0� ws
I o
I
1
L
ZD
Ln
!
I
L
3
1
3
Habitat for Humanity of Orange County
Proposed Budget for Construction ofRusch Hollow Duylex
Appliances $ 2,000
Porch/Deck $ 1,300
Electrical $ 5,950
Equipment Rental $ 1,300
Framing, Siding, Windows,Roofing $ 33,500
Floor Covering $ 6,400
Foundation(materials and labor) $ 3,250
Grading/Footing $ 12,500
HVAC $ 10,200
Insulation $ 6,400
Interior Trim&Cabinets $ 5,250
Misc. $ 1,000
Paint $ 750
Permits and Fees $ 13,220
Plumbing $ 11,250
Sewer, Water Line&Tap-On Fees $ 8,546
Sheetrock $ 6,750
Utilities $ 1,350
Yard&Landscape $ 1,500
Driveway $ 4,750
Total Direct Costs $ 137,166
Insurance-B1drs.Risk $ 1,100
Survey Closing Costs $ 1,500
Adminstration/overhead @5%of direct cost $ 6,858
Total Cost $ 146,624
Orange County Housing Bond Pm9mm Update
1
4
Commitment Commitment Remaining
Project Name Sponsor Date Amount Expenditures Funds
Completed Non-Landbankin Pro' is
Rental Property Ac uisition Chrysalis Foundation 6/172003 $260,000 $260,000
Orange County,NC
Rental Property Acquisition Weaver Comm Housing Assoc 6/172003 $220,000 $220,000
Carrboro NC
New Construction Rusch Hollow Habitat for Humanity 5202003 $170,000 $170,000
Chapel Hill NC
Property Acquisition-Milton Avenue OCHLT 5/12008 $100,000 $100,000
ChaDel Hill NC
Property Acquisition-Rental CASA,Inc 3/182008 $632,300 $632,300
Chapel Hill NC Pritchard Avenue Apartments
New Construction-Sykes Street Project EmPOWERment,Inc 5202003 $90,000 $90,000
Chapel Hill NC
Rental Property Acquisition Affordable Rentals 6/172003 $272,716 $272,716
Orange County,NC
Second Mortgage Assistance-N.Fairview Habitat for Humanity 5/12008 $180,000 $ 180,000
Hillsborough,NC
New Construction-Rental Banks Law Firm 6/52008 $1,000,000 $1,000,000
Hillsborou h NC Eno Haven
Subtotals $ 925,016 $ 2,925,016
Completed Pro" -Land Banking
Property c uisition me nc
Chapel Hill NC
Property Acquisition Habitat for Humanity 121192005 $205,000 $205,000
Chapel Hill NC
Property Ac uisition Habitat for Humani 6262006 $116,250 $116,250
Hillsborough,NC
Property Acquisition-N.Fairview Habitat for Humanity 5/12008 $182,000 $182,000
Hillsborou h NC
Sub-total Subtotals $634,493 $633,180 $1313
Incomplete Pro" is
New Construction-Phoenix Place Habitat for Humanity 4242007 $450,000 $ 215,095 $234,905
Chapel Hill NC
New Construction-Rental Chrysalis Foundation 1/1&2008 $130,000 $0 $130,000
Chapel Hdl NC Rusch Hollow
Second Mortgage Assistance Community Home Trust 5/1/2008 $200,000 $0 $200,000
Orange County,NC
Subtotals $780,000 $ 21S,095 $564,905
Total Commitments $4,339,509 $3,773,291
Total Commitments-Undisbursed $666,218
Bond Funds Available Total 2001 Housing Bonds $4,000,000
Unallocated 1997 Housing Bonds $352,500
TOTAL $,I 352,500
less Total Commitments $4,339,509
Remaining Housing Bond funds $12,991
Deobf atlon-Chrsyafis Foundation $130,000
Deal anon-EmPOWERment Inc $1,313
TOTAL Remaining Housing Bond Funds $144,304
as of 11/52012