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4 <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 />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 occur 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 />B. Income Targeting <br />The recommended income categories include: <br />a. Families with incomes below 25% of area median income; <br />b. Families with incomes below 26-50% of area median income; <br />c. Families with incomes below 51-80% of area median income; <br />4 <br />09/24/98 <br />