HomeMy WebLinkAboutAgenda - 01-15-2008-4pORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: January 15, 2008
Action Agenda
Item No. ~
SUBJECT: Orange County Housing Bond Program Policy Amendment
DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No
ATTACHMENT(S): INFORMATION CONTACT:
Tara L. Fikes, 245-2490
PURPOSE: To consider a proposed amendment to the Orange County Housing Bond Policy to
amend the definition of eligible applicants to include for-profit organizations.
BACKGROUND: Orange County voters passed a $4 million dollar bond referendum in the fall
of 2001 and approximately $2 million dollars remain available for investment in affordable
housing projects. The current Housing Bond Policy only allows non-profit organizations and for-
profit/non-profit partnerships to apply for bond funding. In an effort to increase utilization of
bond funds for affordable housing development, the Affordable Housing Advisory Board (ARAB)
discussed the possibility of expanding the definition of eligible applicants to include for-profit
developers with the Board of County Commissioners at an August 2007 work session.
County staff has researched other local housing bond programs and found that most allow for-
profit developers to respond to Request for Proposals for local housing bond funds.
Additionally, the County has received some inquiries from for-profit developers interested
primarily in rental housing development in Orange County regarding the availability of housing
bond funding to leverage other state and federal funding sources. Therefore, it is reasonable to
conclude that broadening the County's definition could generate interest in the development
community to build affordable housing utilizing bond funding. Specifically, ARAB recommends
the following revision to the existing Housing Bond Policy.
Eligible Applicants: Non profit and For profit entities will be eligible to apply
for funding under the County's bond program. Non profits and for profit entities may partner to develop
projects. ;
i~9-°~~-~~~e}. Preferences will be given to fonprofit and nonprofit organizations based in Orange
County and/or organizations currently providing affordable housing to residents of Orange County.
FINANCIAL IMPACT: This proposed policy amendment will be applicable~to any housing bond
applications received after the date of adoption for the remaining $2 million available.
RECOMMENDATION (S): The Manager recommends that the Board approve the proposed
amendment to the Orange County Housing Bond Policy to amend the definition of eligible
applicants to include for-profit organizations.