2001 S Housing - Habitat for Humanity of Orange Co for HOME funding

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Exhibit A COMMUNITY REVITALIZATION LOAN FUND PROGRAM GUIDELINES Purpose: To provide funds for the acquisition and/or rehabilitation of existing housing in Orange County for resale to very low and low-income families. The program will operate in tandem with a local 501(c)(3) non-profit organization sponsoring, developing, or serving as an advocate for the potential homebuyer. Eligible Activities: Funds appropriated under this program may be used for the acquisition and/or residential property rehabilitation of existing dwelling units situated within Orange County suitable for resale to low and moderate income families qualifying under the provisions of this program. The property must have an anticipated life of at least 20 years after rehabilitation. The acquisition of property must not cause displacement of any resident family. Also, if federal money is used for the property acquisition will be considered a voluntary transaction and the seller must waive their rights under the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 (URA). The seller will provide a waiver form for signature. Period of Affordability: All properties assisted under this program must remain affordable to families at or below 80% of median income for a minimum of ninety-nine (99) years from the date of initial assistance. Eligible Property Owner: The prospective property owner must meet three key eligibility criteria. ♦ Income Requirements The total annual family income must be 80%or less of the HUD published median income for the Raleigh-Durham-Chapel Hill Metropolitan Statistical Area(MSA). Total annual family income shall be defined in accordance with the current HUD Section 8 Existing Housing Program definition of annual income. ♦ Principal Residence The prospective buyer must use the property as his/her principal residence. This 744 requirement will be incorporated into all program loan documents. The property may not be rented during the 99-year affordability period. ♦ Residency Requirement The prospective buyer must live or work in Orange County for at least one year prior to purchasing a home under this program. Further, the prospective buyer must be residing in the property to be rehabilitated, or if purchased or constructed, occupy the property when the acquisition/rehabilitation is complete. Eligible Property Types: Single family dwelling(one unit) Condominium unit Townhouse Cmmrevgd.doc 04/11/00