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3 <br /> PURPOSE: To provide funds for the acquisition and rehabilitation of housing in the Chapel <br /> Hill-Carrboro area for resale to very low and low income families. <br /> OVERVIEW: <br /> Funds may be used for acquisition, acquisition and rehabilitation, through the second <br /> mortgage assistance. <br /> The program will operate in tandem with a local 501 (c)(3)non-profit organization <br /> sponsoring, developing, or serving as an advocate for the potential ho mebuyer. <br /> => The required period of affordability is 20 years. <br /> =:> All potential homeowners must be first-time homebuyers who live or work in Orange <br /> County. <br />