HomeMy WebLinkAboutAgenda - 02-09-2006-6dORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: February 9, 2006
Action Ager~a d
Item No.
SUBJECT: Resolution Acknowledging The Women's Center for its Rale in the IDA
DEPARTMENT: Human Rights and Relations PUBLIC HEARING: (Y/N) No
Department
ATTACHMENT(S):
Resolution
INFORMATION CONTACT:
Chair, Commission for Women
Milan T. Pham, Director, (919) 960-3877
PURPOSE: To acknowledge The Women's Center far its work administering the Individual
Development Account (IDA) program with Orange County.
BACKGROUND: Orange County has been awarded a $50,000 Community Development Block
(CDBG) Grant from the N,C. Department of Commerce for an Individual Development Account
Program for first-time homebuyers with incomes below 80% of the area median income.
The IDA (Individual Development Account) Homeownership Program provides homebtayer
education and financial assistance to low-ta-moderate income residents in Orange County,
Participation in the program is open to individuals and families with earned income at or below
80% of Orange County's median income that will purchase their first home in Orange County,
IDA Program participants are given six to eighteen months in which to save $1,000 in a new
IDA savings account. Participants are required to attend six to eight homebuyer education and
financial literacy classes, where they learn about the process of buying a home as well as
budgeting, credit management, savings, mortgage differentiation and other skills, Participants
meet individually with a financial counselor and a housing counselor to discuss their individual
savings plan and mortgage needs, Each participant's personal savings of $1,000 or more are
matched by a $2,000 grant when the participant is ready to purchase her/his home.
The Women's Center, in collaboration with Orange County Department of Housing and
Community Development, administers the program conducting outreach, assists clients in
starting IDA savings accounts and provides financial counseling. The Women's Center has
been administering the program since 2002 and since then they have helped eleven (11)
people become first time homebuyers in Orange County. Over the next three (3) years, they
plan to assist twenty-two (22) individuals in buying a home.
FINANCIAL IMPACT: None
RECOMMENDATION(S): The Manager recommends that the Board approve the resolution
and authorize the Chair to sign it.
ORANGE COUNTY BOARD OF COMMISSIONERS
Resolution Acknowledging The Women's Center of Orange County for
Assisting Women and Children to Improve Their Standard of Living by
Asset Management and Wealth Building
through the Individual Development Account (IDA) Program
Whereas, discrimination, economic injustice and limited opportunity continue to
present real barriers to women's full and equal participation in the United States
throughout every stage of women's lives, and
Whereas, North Carolina ranks 40'h amongst states for women's median annual
earnings, 39th among states for women living above the poverty level and where 56% of
working poor families are headed by women, and
Whereas, In Orange County 6.2% of families live in poverty, 17.6% of these
families are headed by women and 38% of female headed households with children
under the age of five live in poverty, and
Whereas, the effects of asset building for women and their families include
increased economic sufficiency, family and household stability, mental health and
physical well being, and civic and community involvement, and
Whereas, IDA programs increase homeownership rates and research reveals
that homeownership is linked to increased educational attainment for children and
decreased rates of intergenerational poverty, and
Whereas, Orange County continues to actively identify and pursue programs that
improve the economic, educational and institutional equality for women and their
families, and
Whereas, the Orange County Commission for Women is committed to improving
the quality of life of women and children in Orange County and eliminating barriers which
prevent equality for all women without regard to race, color, national origin, age,
disability, sexual orientation, familial status or source of income;
Now Therefore Be It Resolved that the Board of County Commissioners officially
acknowledges the Women's Center of Orange County for it's work to improve the status
of women and children in the County through its efforts to build women's financial skills
and gain long-term financial assets, empowering them to move their families to
economic sufficiency and stability.
This the 9`h day of February 2006.
Barry Jacobs, Chair
Orange County Board of Commissioners