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II. FIVE YEAR STRATEGY <br />A. PRIORITIES FOR ALLOCATING INVESTMENT <br />1. Assigning Priorities (Table 3). Because the cost and price of housing in <br />Orange County is so high, families with incomes between 50% and 80% <br />of the area median are considered of equal priority with families below <br />50% of the area median. <br />Renters. Direct local tenant -based rental assistance is not emphasized, <br />since even with assistance, many families cannot find suitable rental <br />stock. Instead, investment over the next five years would be directed <br />toward the creation of new rental units for families needing three <br />bedrooms and older adults. Lesser priority will be placed on creation of <br />smaller units. Once the stock of affordable units is increase, attention <br />can be given to those very low income families and individuals who may <br />need extra assistance through local rental subsidy. <br />Emphasizing a one -time investment in housing development through <br />second mortgages or development grants rather than a long -term <br />commitment to rental assistance is also more appropriate given the <br />limited administrative staff available and limited local funds that could be <br />committed for a long -term rental assistance program. Permanent <br />affordability will be an important consideration in the funding of rental <br />projects with local, state and federal funds. Priority will be given to <br />projects that use federal Low Income Housing Tax Credits. <br />Rental rehabilitation funds available through the N.C. Housing Finance <br />Agency and supplemented as needed by local funds should also be <br />used to upgrade neighborhood conditions, regardless of unit size to <br />maintain value of all units in the neighborhood. <br />Homeowners. Programs for first -time homebuyers with incomes below <br />80% of the median will be a very important part of all housing programs <br />in Orange County. Very few affordable units are available for purchase, <br />especially in southern Orange. All forms of assistance that will reduce the <br />monthly cost of homeownership will be considered in the allocation of <br />housing funds, including new construction, substantial rehabilitation, and <br />related infrastructure /site development. Funds for land acquisition <br />assistance, predevelopment costs, and development financing may be <br />considered. Manufactured housing should also be considered a viable <br />option for affordable housing. <br />23 <br />