Orange County NC Website
Browse       Search
Forms and terms of assistance under SFR11.= The North Carolina Housing Finance A.~ency <br />wil~rovide assistance to those households selected for the proiect with a 0% interest forgivable <br />loan covering the hard casts associated with the rehabilitation ofthe home as long as tl~e owner <br />resides in the home The term of the loan is dependent upon the loan amount and the number of <br />years it takes to brim the balance of the laan to $0 when far~iven at $3.000 per year. Far <br />example if the amount of the loan is $31 4~2 then the term is 11 years ($30.000 forgiven over <br />the first 10 years and S 1 452 forgiven at the end of the l l`" year). <br />The form of SFR assistance is a loan for the hard costs and a grant for the soft costs. These will <br />be tvvo separate documents or sets of documents• Promisson~ Note and Deed of Trust for the loan <br />portion covering hard costs only and. a Grant Agreement for the grant portion, covering; allowed <br />soft costs per URP11 Program Guidelines. Granted A~encv soft costs cannot exceed $x,000 for <br />homes built after 1978 and. ~6 000 for homes built before 1.978. <br />As long_as the borrower lives in the home no payments an the loan will be required. Lf the <br />recipient prefers the lawn can be paid ofF at any time either in installments or as a lump sum <br />payment Furthermore under certain circumstancesNC.HF;~ may allow assumption or <br />refinancing of the loan. Should an heir inherit the property and choose to live in the house as <br />their permanent residence they may assume the laan without being income eligible. Hawever, <br />the lien remains an the property A buyer who may wish to buy the prapertv to live in ~.nav <br />assume the loan so long as they can document that they are income-eli ig'ble (< 80% A1V11). <br />Default can occur if the properh~ is sold or transferred to another person and/or if the borro~}per <br />fails to use the home as a principal residence without prior written approval of the North <br />Garoli.n.a Housing Finance A.Qency. <br />0 <br />Telttr~tie~-~tl~°~z~T~e-~~ :~~ ~'~ ~ Tai s ~: Rt e2 nnn ..o .... <br />.,,., ., r.," ~'v <br />. b <br />0 <br />• ~ ~ <br />c c s, <br />, a . 7 b <br />,b, <br />Orange County will offer, subject to NCHFA approval and homeowner acceptance, the <br />possibility of having access to the Duke Power Loan Pool to finance certain energy related costs <br />if the lowest bid exceeds the cost limits of the SFR Program. This will be on a case by case <br />basis. <br />What kinds of work will be done? Each house selected for assistance must be rehabilitated to <br />meet all SFR Rehabilitation Standards. This means every house must, upon completion of the <br />rehabilitation: <br />