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3 <br /> LONG TERM HOUSING AFFORDABILITY POLICY <br /> Purpose: This policy establishes the acceptable strategies fOr ensuring long-term <br /> affordability in all affordable housing programs supported by County financial resources. <br /> Target Population:. <br /> Homeownership programs are targeted to families with incomes at or below 80% of the HUD <br /> published area median income.. <br /> Rental housing programs arc targeted to families with incomes at or below 60% of the HUD <br /> published area median income. <br /> Definitions <br /> Affordable Housing--is defined as (1) owner-occupied housing which can be purchased for no <br /> more than 2.5 times to 3.0 times the total annual family income, or (2) rental housing for which <br /> the occupant pays no more than 30% of gross income for all housing costs including utilities. <br /> First-time homebuyer/Qualified buyer - A first-time homebu,yer for the purposes of this <br /> program is any low income household that has not owned a home within the past three (3) years <br /> including households living in manufactured housing not permanently affixed to a foundation, or <br /> owner-occupants of homes not feasible for renovation, <br /> I. Impact Fee R,eimbursement Program (existing policy last revised March 4, 1998.) <br /> A. Owner-Occupied Housing <br /> Any organization requesting impact fee reimbursement must certify in writing, <br /> that, for owner occupied housing, it will remain affordable to the anticipated beneficiary <br /> or beneficiaries for a period of a minimum of ninety-nine (99) years or longer depending <br /> upon the funding source. This requirement will be secured by a Declaration of <br /> Restrictive Covenants. <br /> 13. Rental Housing <br /> An organization requesting impact fee reimbursement for rental housing must <br /> certify that the property will remain affordable for ninety-nine (99) years. The rental <br /> housing certification must be secured by a Declaration of Restrictive Covenant requiring <br /> repayment to Orange County of the impact fee if the rental housing does not remain <br /> affordable during the period of affordability, which covenant will be further secured by a <br /> note and deed of trust. Evidence must be provided that agency and/or program guidelines <br /> are in place to assure affordability compliance. <br />