Item:
Title
Approval of $1,000,000 to Support the Durham Affordable Housing Loan Fund Managed by Self-Help. In addition, the Board is Requested to Approve Budget Ordinance Amendment No. 25BCC049 to Transfer $1,000,0000 from the Debt Service Fund Fund Balance to the General Fund to Support the Expense.
Body
Date of BOCC Meeting: November 25, 2024
Request for Board Action:
Agenda Text
The Board is requested to approve $1,000,000 in funds to support the Durham Affordable Housing Loan fund managed by Self-Help. The Board is also requested to approve Budget Ordinance Amendment No. 25BCC049 a transfer of $1,000,0000 from the Debt Service Fund fund balance to the General Fund to support the expense. This action follows policy discussions on expanding the Durham Affordable Housing Loan Fund discussed during the February 5, 2024 work session.
The action appropriates funds to support the existing Durham Affordable Housing Loan Fund managed by Self Help. This revolving loan fund was created through a community roundtable process involving the Duke O?ce of Community A?airs, Self-Help, Durham County, the City of Durham, and members of the local development community. Self-Help has successfully managed this fund for years and has several other housing funds in place and in development with other local governments, including the Wake County A?ordable Housing Preservation Fund.
Contributions to the Durhan Affordable Housing Loan Fund are matched 4:1 by private sector funds once the $2 million dollar public investment threshold is reached. Durham County is in discussions with partners to reach that threshold and trigger the private leverage, which will then create a $10 million fund to support affordable housing efforts throughout Durham County.
Alignment with Strategic Plan: This item aligns with the Strategic Plan Goal: Financial Stewardship
Resource Persons: Claudia Hager, County Manager; Jay Gibson, Director of Engineering Director; Peri Manns, Deputy Director ...
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