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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1 D35BD4 <br />R66513 144 54158 <br />Residency Requirements <br />Applicants must be U.S. Citizens, Permanent Residents, or Registered Aliens to qualify for <br />the program. This does not guarantee an applicant's ability to purchase, as each lender <br />and subsidy source has their own guidelines that must be met. <br />Priority will be given to applicants who currently live or work in Orange County, however, <br />it is not a requirement to qualify for our program. <br />■ Orange County requires buyers to live or work in Orange County at least 1 year <br />prior to purchasing a home subsidized by HOME funds. This requirement shall be <br />waived after 90 days of marketing. <br />■ The Town of Chapel Hill requires buyers to live or work in Orange County at least 6 <br />months prior to purchasing a home subsidized by CDBG funds. This requirement <br />shall be waived after 30 days. <br />Appropriate Unit Size <br />We will attempt to match household size to unit size, allowing for larger units to be sold to <br />larger households. For example, a 2 person household is eligible to purchase a 1 -2 <br />bedroom home. See the "Exceptions Policy" for eligible exceptions. <br />Assets <br />All assets are assumed to be income generating, even if they are not. HUD's published <br />imputed interest rate is used on all non - income generating assets and this income is <br />included when determining income for eligibility. <br />The value of assets (after a downpayment and closing costs) is considered when awarding <br />subsidy. Applicants with assets that are not invested in qualified retirement accounts will <br />be subject to the following eligibility review: <br />A. All households with non - retirement assets of less than $20,000 are considered <br />eligible for the program and all subsidy sources, provided they meet all other <br />eligibility requirements to purchase a home. <br />B. Households with non - retirement assets greater than $20,000, but less than <br />$100,000, can purchase a Home Trust home, but are not eligible for additional <br />subsidy. <br />C. Households with greater than $100,000 in non - retirement assets are not eligible <br />for the program, except in the following circumstances: <br />■ Over 6S years of age <br />■ Permanently disabled, with evidence of disability payments <br />Note: Applicants can receive a one -time gift to help them purchase a home up to a <br />maximum of $10,000. Seethe "Gift Policy" for more details, including possible exceptions. <br />