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9 <br />- By deferring assessment collections the County presents the low-income <br />resident/property owner with a "balloon payment" due and payable in full at <br />closing, dramatically reducing any realized profit to provide suitable replacement <br />housing, income security, reinvestment opportunity, etc. <br />- The deferred assessment is dependent upon the vagaries and unpredictability of <br />the real estate market -and maybe detrimental to low-income residents/property <br />owners more likely to be inexperienced and unskilled at property negotiations. <br />- The County should be mindful'that aresident/property owner could also use the <br />deferment period to attempt to subdivide or redevelop the subject property. If <br />successful, the resident/property owner would need to be liable for the full cost of <br />all availability fees in accordance with rates and fees established as applicable by <br />either the Town of Hillsborough or the City of Mebane, in addition to the <br />assessment. <br />Option # 2: County pays the assessment cost for each qualifying low-income <br />resident/property owner (Rogers Road Waterline Connection <br />Program Model) <br />Process Description: <br />This option is generally based on the BOCC approved process for the Rogers Road <br />Waterline Connection Program. Residents/property owners would make application to <br />the Housing and Community Development Department, and using HUD and any <br />additional County eligibility criteria a determination would be made on eligibility to <br />receive the Public Utility Relief Assistance. See chart below for 2007 Household Income <br />Limits applicable to Orange County: <br />HUD HOUSEHOLD INCOME LIMITS <br />FY 2007 Median Income - 60,100 <br /> 1-Person 2-Person 3-Person 4-Person S-Person <br />Very Low 24,950 28,500 32,100 3S,6S0 38,500 <br />Income <br />50% <br />Median <br />Low- 39,950 4S,6S0 S1,3S0 S7,OS0 61,600 <br />Income <br />80% <br />Median <br />