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C. Community Revitalization Loan Program 4 , <br /> This program would provide assistance with the purchase and <br /> rehabilitation of existing property by first-time homebuyers. The guidelines <br /> governing this program will be in accordance with the existing County and <br /> Town of Chapel Hill Programs with the same name. <br /> d. Acquisition for Low Income Rental Housing <br /> Funds would be used to assist local 501(c)(3) organizations purchase and, <br /> if necessary, renovate available property for lease to low income Orange <br /> County residents. <br /> e. Urgent Repair Program <br /> The program would be used to provide funds for home repairs that <br /> eliminate potential life or safety threats to low-income homeowners and/or <br /> enable the elderly and disabled to remain in their homes by providing <br /> essential accessibility modifications. <br /> 2. New Construction Programs — Target Funding: 67% or$1,206,000 <br /> All New Construction program activities should begin within three years of funding <br /> award. Bond fund recipients will be required to submit a status report to the County <br /> each year during project implementation. Any requests for time extensions will be <br /> granted at the discretion of the Board of County Commissioners and must be submitted <br /> at least six months prior to the deadline date. <br /> a. New Construction —Second Mortgage <br /> Assistance may be provided to non-profit housing developers of new <br /> construction projects for first-time homebuyers and/or renters. A Builder <br /> Participation Agreement would set aside a funding allocation for second <br /> mortgages to developers/homebuyers in a specific project. <br /> For rental projects, the use of federal income tax credits and Section 8 <br /> certificates and vouchers must be utilized if available. <br /> b. Land Acquisition <br /> This program would enable a local 501(c)(3) non-profit organization to <br /> acquire and hold available land suitable for affordable housing <br /> development. The land would subsequently by developed by any non- <br /> profit organization with a sound, site-specific, development proposal within <br /> eighteen months. Actual construction must begin within three (3) years of <br /> the original application date. The bond money investment for land <br /> purchase would remain with the land as a second mortgage with deed <br /> restrictions. <br /> 12/01/98 <br />