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043 <br /> Priority: Facilitate the construction of new or substantially <br /> rehabilitated housing units that are affordable to families below <br /> 80% of the area median. Projects that provide homeownership <br /> opportunities for families below 60% of the area median income. <br /> Analysis: All groups that have studied the housing need in Orange <br /> County agree that little or no opportunities exist for <br /> homeownership for families with incomes below 80% of the area <br /> median. The serious shortage of homeownership opportunities for <br /> low- and moderate-income families in Orange County has prompted the <br /> Town of Chapel Hill and Orange County to participate in two <br /> projects intended for first-time homebuyers. These two projects <br /> did provide homeownership opportunities to first-time homebuyers; <br /> however, even with special financing these projects did not reach <br /> far below 80% of the area median family income. <br /> Further, the cost of housing development in Orange County, <br /> specifically southern Orange County is a large contributor to the <br /> higher cost of housing development relative to neighboring <br /> counties . Project subsidies for land acquisition and site <br /> improvements can be provided to lower the production cost. <br /> Additionally, subsidies could be used for downpayment assistance <br /> for eligible first-time homebuyers. <br /> Strategy/Investment Plan: The following programs and resources will <br /> be pursued over the next five years in order to meet this goal. <br /> A. Federal: HOME Investment Partnerships Program <br /> B. State: N.C. Housing Trust Fund <br /> Small Cities CDBG Program <br /> C. Local: Chapel Hill Housing Trust Fund <br /> D. Private: Federal Home Loan Bank Board <br /> Orange Community Housing Corporation <br /> Habitat for Humanity of Orange County <br /> Knolls Neighborhood Development Association <br /> Other local non-profit housing corporations <br /> Local lending institutions <br /> All local governments in Orange County will generally support <br /> applications for these programs and resources from eligible non- <br /> profits and other entities when funding becomes available. When <br /> necessary, the resident unit of local government will take the lead <br /> and apply directly for the funding. <br /> Priority: Provide rehabilitation assistance for very low and low <br /> income homeowners and rental housing serving very low and low <br /> income tenants. <br /> Analysis: Countywide, the 1990 Census reported 10% of all housing <br /> units as substandard, or 3,610 units. Of these, approximately two <br /> (2 ) percent are considered not suitable for rehabilitation due to <br /> 34 <br />