Agenda - 09-01-2015 - 6m - Laserfiche WebLink

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funds to Orange County Habitat for Humanity to provide deferred payment, zero interest second mortgages for ten (10) homes throughout Orange County. The Board of County Commissioners is requested to approve a revision amending the May 2014 resolution to provide assistance to nine (9) homes consistent with Habitat's application. Secondly, the Orange County Board of Commissioners, as a member of the Orange County HOME Consortium, approved the submission of the FY 2014-2015 and FY 2015-2016 Consolidated Plan Annual Action Plan HOME Program Activities that included providing homeownership assistance to Habitat for Humanity to provide deferred payment, zero interest second mortgages. The targeted group for Habitat are first time homebuyers who earn at or below 65% of the AMI, live and/or work in Orange County for at least one year, and live in housing that is substandard, unsafe, unaffordable, or subsidized (Public Housing or Housing Choice Voucher programs). Habitat for Humanity approves the number of homebuyers that it projects the organization will build homes for in an 18 -24 month timeframe. The County has periodically received requests to approve second mortgage assistance from Habitat for Humanity to households with incomes exceeding 65% AMI, due to wage increases over the course of the 18-24 month construction process. The administrative change requested would as a general rule allow Habitat for Humanity with notification to the County to assist such households with incomes that initially meet the 65% of Area Median Income (AMI) eligibility requirement, and subsequently have an increase in income during the construction period and prior to closing as long as the increase in income of the households do not exceed 80% of AMI as allowable under the HOME program. This administrative change would prevent penalizing households who were initially eligible and met all the requirements of Habitat for Humanity's funded program, but over the construction process and prior to closing had an increase in income that did not exceed 80% AMI as allowable under the HOME program. These households with incomes up to 80% AMI would remain eligible to purchase Habitat for Humanity homes using funds from the HOME program. INCOME ELIGIBILITY Family # Annual Family Size % of AMI Income 1 $37,750 1 <80% 2 $43,150 2 <80% 3 $48,550 3 <80% 4 $53,900 4 <80% 5 $58,250 5 <80% 6 $62,550 6 <80% 7 $66,850 7 <80% 8 $71,150 8 <80% *Based on the 2015 HUD Area Median Income for Orange County(Durham-Chapel Hill Metro Area) FINANCIAL IMPACT: No financial impact. SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to this agenda item: • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY