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Budget Year / Version:  
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Description

The Opportunity Housing Development Fund (OHDF) is a revolving loan fund from which Housing Opportunities Commission (HOC) is authorized to use up to $4.5 million at any one time. The project provides funds to temporarily cover project planning, site improvements, building construction loan guarantees, construction financing, short-term financing (including second trusts), insurance for permanent financing, notes and bonds, and associated professional and financing fees for housing developments undertaken by HOC or its designees. Since a separate fund is established for site acquisition and Moderately Priced Dwelling Units (MPDU) acquisition, land, and MPDUs shall not be acquired from the OHDF (with the exception of MPDUs acquired under the last resort provision of the MPDU Ordinance). This fund is to be repaid when permanent financing is obtained or when other sources of financing are made available from HOC housing developments. If sufficient funds are not available in the MPDU/Property Acquisition Fund, this fund can also be used, upon County approval, for the acquisition of sites and/or existing properties for low and moderate-income, single, or multi-family housing facilities, which are to be owned and operated by HOC or its designees.
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Phase

Ongoing

Status

Active
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Budget Snapshot
$4.5M Total
Expenditures/Funding
$0M 6 Year Total
Expenditures/Funding
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Justification

This project assures availability of short-term financing and front-end costs at favorable interest rates for projects determined by HOC and the County to be in support of the County Housing Assistance Plan and housing policy. The fund permits existing and new properties to be reviewed and insured and, in other ways, secures prompt decisions when time demands require them.
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Other

The County General Plan Refinement stands in compliance with the General Plan requirement of the Maryland Economic Growth, Resource Protection, and Planning Act. County Master Plans must be in compliance with the General Plan. Beginning in FY01, as a contribution to affordable housing, HOC was given relief on past due interest payments and is no longer required to pay interest on funding for this project.
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Fiscal Note

Outstanding draws as of June 30, 2019 totaled $4,021,817. Repayments totaling $21,817 were made in FY19 consisting of the annual repayment for Smith Village ($21,817). Repayments totaling $4,021,817 are projected in FY20 representing the annual loan payment for Smith Village, and the payoff of the 900 Thayer loan from construction loan proceeds. HOC anticipates continued utilization of the balance of the OHDF revolving fund for the continued pre-development and acquisition for expanding affordable housing in the County.
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Coordination

Department of Finance and Department of Housing and Community Affairs.
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Budget Snapshot
$4.5M Total
Expenditures/Funding
$0M 6 Year Total
Expenditures/Funding
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Project Details
Project NumberP767511
Date Last Modified01/03/20
Administering AgencyHousing Opportunities Commission
CategoryHousing Opportunities Commission
SubCategoryHousing (HOC)
Planning AreaCountywide
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Total Expenditures by Cost Element (000s)
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Total Funding by Source (000s)
EXPENDITURES (000s)
Cost ElementsTotalThru FY19Est FY20Total 6 YearsFY 21FY 22FY 23FY 24FY 25FY 26Beyond 6 Years
Planning, Design and Supervision00000000000
Land44222200000000
Site Improvements and Utilities00000000000
Construction4456400045600000000
Other00000000000
Total Expenditures4500402247800000000
FUNDING (000s)
Funding SourceTotalThru FY19Est FY20Total 6 YearsFY 21FY 22FY 23FY 24FY 25FY 26Beyond 6 Years
Revolving Fund: Current Revenue4500402247800000000
Total Funding Sources4500402247800000000
APPROPRIATION AND EXPENDITURE DATA ($000s)
Appropriation FY 21 Request0
Year First AppropriationFY75
Appropriation FY 22 Request0
Last FY's Cost Estimate4500
Cumulative Appropriation4500
Expenditure / Encumbrances0
Unencumbered Balance4500