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4 <br /> LONG-TERM HOUSING AFFORDABILITY POLICY <br /> PURPOSE: This policy establishes the acceptable strategies for ensuring long-term <br /> affordability in all affordable housing programs supported by County financial resources. <br /> TARGET POPULATION: <br /> • Homeownership programs are targeted to families with incomes at or below 80% of <br /> the HUD published area median income. <br /> • Rental housing programs are targeted to families with incomes at or below 60% of <br /> the HUD published area median income. <br /> DEFINITIONS: <br /> 1. Affordable Housing-is defined as: <br /> a. Owner-occupied housing for families with incomes at or below 80% of the <br /> HUD published area median income and which the monthly housing costs <br /> (including PITI, HOA dues and required fees) do not exceed 30 percent of <br /> the gross monthly income of the purchaser(s), or <br /> b. Rental housing for families with incomes at or below 60% of the HUD <br /> published area median income and which the occupant pays no more than <br /> 30%ofgross income forall housing costs including utilities. <br /> 2. First-Time Homebuyer or Qualified Buyer - A First-Time Homebuyer for the <br /> purposes of this program is any low or moderate income household that has not <br /> owned a home within the past three (3) years including households living in <br /> manufactured housing not permanently affixed to a foundation, or owner-occupants <br /> of homes not feasible for renovation. The first-time homebuyer restriction may be <br /> waived after a home is available for sale for 90 days and the home may be sold to a <br /> Qualified Buyer, defined as a person who qualifies for affordable housing in <br /> accordance with this Policy. <br /> I. Impact Fee Reimbursement Program (last revised March 4, 1998.) <br /> A. Owner-Occupied Housing <br /> Any organization requesting impact fee reimbursement must certify in writing, that, for owner <br /> occupied housing, it will remain affordable to the anticipated beneficiary or beneficiaries for a <br /> period of a minimum of ninety-nine (99) years or longer depending upon the funding source. <br /> This requirement will be secured by a Declaration of Restrictive Covenants. <br /> B. Rental Housing <br />