Agenda - 08-23-2011 - 5h - Laserfiche WebLink

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2 Orange Count=y t~ssistance Pa~iicy for the 2011 Cycle of the Single-Family Rehabilitation Program What is the Single-Family Rehabilitation Program? Orange County ("the County") has been allocated aset-aside of $160,000 by the North Carolina Housing Finance Agency (NCHFA) under the 2011 cycle of the Single-Family Rehabilitation_Progmm (SFRi-1). This program provides funds to ,assist with the rehabilitation of moderately deteriorated single-family owner- occupied housing units occupied by lower income (less than 80% are median income) households with one or more elderly (62+) or disabled fulltime household members or owner- occupied units with lead hazards and a child less than -six years old. Orange County plans to apply the funds toward the rehabilitation of three (3) houses within the Orange County. Additional funds may be available from the Agency to address additional dwelling units, depending upon Orange County's performance=under the allocated set-aside. The Assistance Policy describes who is eligible for assistance under SFRl 1, how applications for assistance will be rated and ranked, what the terms of assistance are, and how the rehabilitation process will be managed. Orange County has designed the SFRl 1 project to be fair, open, and consistent with its approved application for funding and with the SFRl 1 Program Guidelines. The funds provided by NCHFA come -from the US Department of Housing -and Urban Development's (HUD) federal HOME Investment Partnership Program. The foam of assistance will be na interest, no payment loans which are forgiven at the rate of $3,000 per year. Eligibility. There are several major requirements to be eligible for SFRl l assistance: • The housing unit to be rehabilitated with SFR funds must be located in O-range County, and must be owner-occupied. The household occupying the unit must have an elderly (62+) or disabled fulltime household member or a child less than 6 years old and the dwelling unit must contain led-based paint hazards; • The gross annual household income must not exceed 80% of the are median income for Orange County (see income limit table on the following page) and; • The cost of rehabilitation including all mandatory energy-related measures and lead hazard remediation, if applicable, cannot exceed SFR11 Program Guideline limits of $45,000. Unfortunately, not all homes can be brought up to the Program-required Rehabilitation Standards with the limited funding available. Some otherwise-eligible households may be deemed ineligible for assistance because their homes fail this test. Additionally, properties are eligible only if they meet all of the following requirements: • The property must require at least $5,000 of improvements in order to meet SFR Rehabilitation Standards.