HomeMy WebLinkAboutAgenda - 01-21-1997 - 6b 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No.
ACTION AGENDA ITEM ABSTRACT
Meeting Date: January 21, 1997
SUBJECT: Housing North Carolina Award
DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/N)
BUDGET AMENDMENT: (Y/N)
ATTACHMENT(S): INFORMATION CONTACT:
Tara L. Fikes
TELEPHONE NUMBERS: --east.2490
Hillsborough 732-8181
Chapel Hill 9684501
Durham 688-7331
Mebane 221-2031
PURPOSE: To receive a 1996 Housing North Carolina Award for Magnolia Place,a subdivision
developed for first time homebuyers by the Orange Community Housing Corporation in partnership
with Orange County.
BACKGROUND:
The N.C. Housing Finance Agency sponsors an annual competition to award excellence in
affordable housing development. Housing is judged for affordability,attractive design and cost-
effective production. "The winning developments illustrate some of the finest affordable housing
being produced in our state."according to Lucious Jones,Chairman of the Housing Finance
Agency's Board of Directors. There were seven awards presented on December 12, 1996.
Magnolia Place was one of two winners in the homeownership category and the only Triangle-area
award winner. The 42 unit=subdivision is located in Hillsborough is being developed by the Orange
Community Housing Corporation in cooperation with Orange County. Targeted to buyers below
80%percent offt area median income,or$38,000,the three bedroom,two-bath homes have an
average sales p of$91,350. Magnolia Place has attracted a diverse community of homeowners,
including African-American,Hispanic and white:Families and individuals with incomes ranging
from $13,000 to $35,000. The subdivision is being financed by BB&T and Community
Development Block Grant(CDBG)funds and HOME funds provided by Orange County. Buyers
have received mortgage financing from BB&T,the Rural Housing and Community Development
Service, CCB,and NationsBank.
A representative of the Board of Directors of the Orange Community Housing Corporation will
make the presentation.
RECOMMENDATION(S): Receive award.