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Agenda - 02-16-2017 - 1 - Review and Amend the Orange County Housing Affordability Policy
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Agenda - 02-16-2017 - 1 - Review and Amend the Orange County Housing Affordability Policy
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BOCC
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2/16/2017
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Work Session
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Agenda
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1
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Minutes 02-16-2017
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\Board of County Commissioners\Minutes - Approved\2010's\2017
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Attachment A 3 <br /> DRAFT Amended Housing Affordability Policy <br /> ATTACHMENT-- LONG-TERM HOUSING AFFORDABILITY POLICY <br /> Purpose: This policy establishes the acceptable strategies for ensuring long- <br /> term 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 <br /> the HUD published area median income. <br /> Rental housing programs are targeted to families with incomes at or below 60% of <br /> the HUD published area median income. <br /> Definitions <br /> Affordable Housing -is defined as: <br /> (1)owner-occupied housing forwhich the monthly housing costs (including PITI, HOA <br /> dues and required fees) do not exceed 30 percent of the gross monthly income of the <br /> purchaser(s), can be purchascd for no more than 2.5 times to 3.0 times the total annual <br /> family income, or <br /> (2)rental housing forwhich the occupant pays no more than 30%of gross income for <br /> all housing costs including utilities. <br /> First-time homebuyer/Qualified buyer - A first-time homebuyer for the purposes of <br /> this program is any low or moderate -income household that has not owned a home <br /> within the past three (3) years including households living in manufactured housing not <br /> permanently affixed to a foundation, or owner-occupants of homes not feasible for <br /> renovation. The first-time homebuyer restriction may be waived after a home is available <br /> for sale for 90 days. <br /> Impact Fee Reimbursement 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 <br /> beneficiary or beneficiaries for a period of a minimum of ninety-nine (99) years or <br /> longer depending upon the funding source. This requirement will be secured by a <br /> Declaration of Restrictive Covenants. <br /> B. Rental Housing <br /> An organization requesting impact fee reimbursement for rental housing <br /> must certify that the property will remain affordable for ninety-nine (99) years. The <br /> rental housing certification must be secured by a Declaration of Restrictive <br /> Covenant requilng repayment to Orange County of the impact fee if the rental <br /> housing does not remain affordable during the period of affordability, which <br /> covenant will be further seemed by a note and deed of trust. Evidence must be <br /> provided that agency and/or program guidelines are in place to assure affordability <br /> compliance. <br />
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