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4 <br /> A <br /> The Eligible Property Owner: <br /> The prospective property owner must meet three key eligibility criteria. <br /> Income Requirements <br /> The total annual family income must be 70% or less of the HUD published median income for the <br /> Raleigh-Durham-Chapel Hill Metropolitan Statistical Area(MSA). <br /> Principal Residence <br /> The prospective buyer must use the property as his/her principal residence. This requirement will <br /> be incorporated into all program loan documents. The property may not be rented during the 20 <br /> year affordability period. <br /> Residency Requirement <br /> The prospective buyer must live or work in Orange County for at least one year prior to <br /> purchasing a home under this program. <br /> Eligible Property Types <br /> => Single family dwelling(one unit) <br /> => Condominium unit <br /> Townhouse <br />