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ORANGE <br />(assumes <br />ACTIVITIES <br />1. Land Acquisition <br />COUNTY HOME PROGRAM DESIGN <br />STAFF PROPOSAL <br />04/01/92 <br />1 million dollar allocation) <br />$ 50,000 <br />-for identified affordable housing projects <br />- eligible projects must benefit low income <br />families /those below 50% of median income <br />2. New Housing Construction $ 300,000 <br />Orange Community Housing Corporation: funds would assist <br />in the development of the Erwin Village project. Funds <br />to be used for land acquisition, development soft costs, <br />site improvements, and /or second mortgage financing. <br />3. Homeownership Opportunities $ 200,000 <br />Funding for existing projects /programs designed to <br />assist first -time homebuyers purchase homes. <br />Specifically, these funds could provide the additional <br />subsidy needed to enable public housing residents take <br />advantage of existing affordable housing projects. <br />4. Moderate Rehabilitation $ 450,000 <br />- rehabilitate 30 houses @ $15,000 <br />60% owner - occupied 140% rental dwellings <br />-all dwellings must be substandard <br />- homeowners must have income below 60% median <br />- rental property owners with incomes below 50% <br />median; must lease property to low /moderate income <br />families <br />- deferred loan program design; 10 years recapture <br />5 year recapture for elderly homeowners. <br />Priority to the following: <br />-- houses lacking indoor plumbing <br />-- houses with inadequate plumbing (failing septic <br />systems, contaminated wells) <br />* *to include costs of connections and associated <br />utility fees. <br />-- elderly (over 62) homeowners <br />HOMEPROG: <br />8 <br />