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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <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 65 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 />