Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: May 7, 2013 <br /> Action Agenda <br /> Item No. 5-f <br /> SUBJECT: Community Home Trust Request — Homebuyer Requirements <br /> DEPARTMENT: Housing/Community Dev. PUBLIC HEARING: (Y/N) No <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> December 18, 2012 Letter from Robert Tara L. Fikes, 245-2490 <br /> Dowling, CHT Executive Director <br /> PURPOSE: To consider a request from the Community Home Trust (CHT) to modify the <br /> homebuyer requirements for properties sold by the organization using federal, state, and local <br /> housing program funding, including the Affordable Housing Bond Program and the HOME <br /> Investment Partnership Program. <br /> BACKGROUND: The Board of County Commissioners received the attached letter from Robert <br /> Dowling, Executive Director of Orange Community Home Trust with two requests to assist the <br /> organization to sell homes in the tight real estate market. First, CHT is requesting that the first- <br /> time homebuyer requirement be waived after a property has been on the market for 90 days or <br /> longer without a contract. Presently, the County's housing programs require that the homebuyer <br /> be a first-time purchaser to qualify for homebuyer assistance. Secondly, the Home Trust is <br /> asking that the live/work requirement be waived after 90 days as well. Presently, the <br /> homebuyer has to live or work in Orange County for one year in order to qualify for this program. <br /> Initially, potential homebuyers had to live or work in the County for one year to be eligible. <br /> As indicated in Mr. Dowling's letter a tight credit market and low interest in homeownership are <br /> the reasons for both requests. The HOME Program Review Committee recently discussed this <br /> matter and agreed to allow the proposed waivers for a trial period of one year. Additionally, the <br /> Orange County Affordable Housing Advisory Board (AHAB) has reviewed and fully discussed <br /> this request as well. <br /> FINANCIAL IMPACT: No immediate financial impact is anticipated; however, should these <br /> properties stay on the market for long periods of time, funding will be required to provide subsidy <br /> for potential lower income buyers. <br /> RECOMMENDATION (S): The Manager recommends the Board: <br /> 1) Approve the request of Community Home Trust to modify the homebuyer <br /> requirements for properties to enable sales to non-first-time homebuyers and to <br /> persons that do not live or work in Orange County after the home has been on the <br /> market for 90 days; and <br /> 2) Request that the CHT Board and Staff revisit their existing housing program to <br /> determine its feasibility in the current economic climate to include the impact of <br /> housing acquired through inclusionary housing practices and rising homeowner <br /> association dues, and also meet and coordinate with the Affordable Housing <br /> Advisory Board to discuss and address these issues. <br />