Agenda - 05-20-2014 - 6d - Laserfiche WebLink

Browse Search

Orange County Assistance Policy For the 2014 Cycle of the Single - Family Rehabilitation Loan Pool (SFRLPI4) What is the Single - Family Rehabilitation Loan Pool? Orange County ( "the County ") has been allocated a set -aside of $170,000 by the North Carolina Housing Finance Agency ( NCHFA) under the 2014 cycle of the Single - Family Rehabilitation Loan Pool (SFRLPI4). This program provides funds to assist with the rehabilitation of moderately deteriorated single - family owner - occupied housing units occupied by lower income (less than 80% are median income) households with one or more elderly (62 +) or disabled fulltime household members or owner - occupied units with lead hazards and a child less than six years old. Orange County plans to apply the funds toward the rehabilitation of three (3) houses within the Orange County. Additional funds may be available from the Agency to address additional dwelling units, depending upon Orange County's performance under the allocated set - aside. The Assistance Policy describes who is eligible for assistance under SFRLPI4, how applications for assistance will be rated and ranked, what the terms of assistance are, and how the rehabilitation process will be managed. Orange County has designed the SFRLPI4 project to be fair, open, and consistent with its approved application for funding and with the SFRLPI4 Program Guidelines. The funds provided by NCHFA come for the US Department of Housing and Urban Development's (HUD) federal HOME Investment Partnership Program. The form of assistance will be no interest, no payment loans which are forgiven at the rate of $3,000 per year with a grant of up to $8,000 for lead hazard reduction activities when applicable. Eligibility. There are several major requirements to be eligible for SFRLPI4 assistance: • The housing unit to be rehabilitated with SFR funds must be located in Orange County, and must be owner - occupied. The household occupying the unit must have an elderly (62 +) or disabled fulltime household member or a child less than 6 years old and the dwelling unit must contain led -based paint hazards; • The gross annual household income must not exceed 80% of the area median income for Orange County (see income limit table on the following page) and; • The cost of rehabilitation including all mandatory energy- related measures and lead hazard remediation, if applicable, cannot exceed SFRLPI4 Program Guideline limits of $45,000. Unfortunately, not all homes can be brought up to the Program- required Rehabilitation Standards with the limited funding available. Some otherwise - eligible households may be deemed ineligible for assistance because their homes fail this test. 1