P-0291 - Housing - Orange County Housing Bond Policy

Browse Search

ATTACHMENT 1 -- ELIGIBLE PROJECTS It is the intention of the BOCC that a wide range of projects is eligible for bond funding, including projects ofmixed-tenure nature, i.e. mixing different housing types together in one project. Production ofnon-traditional housing types -- such as duplexes, single room occupancy (SROs), group homes, and transitional housing - is also encouraged. If a prospective applicant is considering a project that is not included in the list of eligible projects, then the applicant may discuss the proposed project in apre-application conference with the Director of Housing and Community Development and the Chair of the PRS Committee to determine how the project will be evaluated by the current criteria. All projects must be located within Orange County. The following housing programs are also eligible for funding. Existing Housing Programs Affordable Housing Loan Program: The focus of this homeownership program would be direct assistance to eligible borrowers. An eligible homeowner is one that has not owned a home in the past three (3) years. Income-eligible borrowers would be pre-qualified for first and second mortgages by a local housing non-profit agency with the cooperation of local lenders. All prospective homebuyers would have to complete acounty-approved homebuyer education program prior to receiving approval to participate in the program. The County would provide a "pre-commitment" letter to the borrower, who could then purchase a standard home available on the market that they could afford and that sold for less than the FHA maximum sales price for this area. The eligible borrower must provide a minimum of $750 cash contribution to this transaction. Rehabilitation of Substandard Housing -Second Mortgage: This program would provide direct assistance to eligible homeowners and 501(c)(3) non-profit organizations that own rental property for rehabilitation of units with code violations. Community Revitalization Loan Program: This program would provide assistance with the purchase and rehabilitation of existing property by first-time homebuyers. The guidelines governing this program will be in accordance with the existing County and Town of Chapel Hill Programs with the same name. Acquisition for Low Income Rental Housing: Funds would be used to assist local 501(c)(3) organizations purchase and, if necessary, renovate available property for lease to low-income Orange County residents. Urgent Repair Program: The program would be used to provide funds for home repairs that eliminate potential life or safety threats to low-income homeowners and/or enable the elderly and disabled to remain in their homes by providing essential accessibility modifications.