P-0435 - Long Term Housing Affordability Policy

Browse Search

J~OLICY FOR INSERTION INTO THE POLICY MANUAL :~ MEETING DATE: 04/04/2000 NUMBER: P: 0435 EFFECTIVE DATE: 04/04/2000 REVISIONS: POLICY: Long-Term Housing Affordability Policy Purpose: This policy establishes the acceptable strategies for ensuring long-term affordability in all affordable housing programs supported by County financial resources. Target Population: Homeownership programs are targeted to families with incomes at or below 80% of the HUD published area median income. Rental housing programs are targeted to families with incomes at or below 60% of the HUD published area median income. • Definitions Affordable Housing -is defined as (1)owner-occupied housing which can be purchased for no more than 2.5 times to 3.0 times the total annual family income, or (2) rental housing for which the occupant pays no more than 30% of gross income for all housing costs including utilities. First-time homebuyer/Qualified buyer -A first-time homebuyer for the purposes of this program is any low income household that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner-occupants of homes not feasible for renovation. I. Impact Fee Reimbursement Program (existing policy last revised March 4, 1998.) A. Owner-Occupied Housing Any organization requesting impact fee reimbursement must certify in writing, that, for owner occupied housing, it will remain affordable to the anticipated beneficiary or beneficiaries for a period of a minimum of twenty (20) years or longer depending upon the funding source. This requirement will be secured by a Declaration of Restrictive Covenants. r~