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I <br />' <br />housing type. The schedules are shown on Tables 31 and 33 for the <br />Chapel Hill - Carrboro and orange County School Districts, <br />respectively, and appear to provide a means of tailoring fee <br />payments to the circumstances of individual families. <br />Impact _ Fe• Waivers /Egemptions <br />' <br />Suggestions <br />have been made that fees be waived for housing <br />projects which clearly benefit low and moderate - income families. <br />Rather than granting such waivers or exempting these types of <br />' <br />housing projects, organizations sponsoring or building such housing <br />can request funding through County and municipal budgets to pay the <br />impact fees. This technique is employed by other jurisdictions, and <br />' <br />it is the same policy which Orange County has in effect with <br />respect to building permit and development application fees. <br />Xortgage„Xayment ZaRacts <br />As mentioned previously, a suggestion was made to collect <br />impact fees at the time of issuance of a Certificate of Occupancy <br />' <br />or the "closing" on a home. However, concern has been expressed <br />that inclusion of the impact fee in the mortgage loan would <br />actually increase the long -term cost to the home purchaser. For <br />' <br />example, a family wanting to purchase a new single- family home in <br />the Orange County School District with a value of $98,000 would be <br />required to make a minimum down payment of five percent or $4,900. <br />' <br />if the family financed the mortgage, excluding taxes and insurance, <br />for 30 years at the current interest rate of 8.5 percent, the <br />monthly payments would be $716. if, however, a maximum impact fee <br />' <br />of $2,747 were passed on to the family and added to the cost of the <br />home, the minimum required down would be increased <br />payment by $137, <br />the monthly mortgage payments would rise to $775, and interest <br />payments over the term of the loan would.be $4,857 more. However, <br />' <br />if the lowest impact shown on Table 33 ($363) were enacted, the <br />minimum required down payment would be increased by $18, the <br />monthly mortgage payments would rise from $716 to $756, and <br />interest payments over the term of the loan would be $642 more. <br />For a single - family home valued at $165,000 and located in the <br />Chapel Hill- Carrboro School District (impact fee of $3,194), the <br />' <br />minimum required down payment would be increased by $159, the <br />monthly mortgage payments would rise from $1,268 to $1,293, and <br />interest payments over the term of the loan would be $5,646 more. <br />' <br />However, if the lowest impact shown on Table 31 ($512) were <br />enacted, the minimum required down payment would be increased by <br />$25, the monthly mortgage payments'would rise from $1,268 to <br />$1,273, and interest payments over the term of the loan would be <br />' <br />$905 more. <br />' <br />Impacts - Esistinq Relidents <br />, <br />A final concern related to the issue of affordability 1s the <br />impact on existing residents. Specifically, questions have arisen <br />as to whether an existing resident would have to pay an impact fee <br />if he /she built a new home in the county. The answer to this <br />' <br />Page - 21 <br />