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13 <br /> Under$15,000 5 <br /> $15,000 to $40,000 10 <br /> Over$40,000 15 <br /> (5)Resale and recapture.The participating jurisdiction must establish the resale or recapture <br /> requirements that comply with the standards of this section and set forth the requirements in its <br /> consolidated plan. HUD must determine that they are appropriate and must specifically approve them in <br /> writing. <br /> (i)Resale. Resale requirements must ensure, if the housing does not continue to be the principal <br /> residence of the family for the duration of the period of affordability that the housing is made available <br /> for subsequent purchase only to a buyer whose family qualifies as a low-income family and will use the <br /> property as the family's principal residence.The resale requirement must also ensure that the price at <br /> resale provides the original HOME-assisted owner a fair return on investment(including the <br /> homeowner's investment and any capital improvement) and ensure that the housing will remain <br /> affordable to a reasonable range of low- income homebuyers.The participating jurisdiction must <br /> specifically define "fair return on investment" and "affordability to a reasonable range of low-income <br /> homebuyers," and specifically address how it will make the housing affordable to a low-income <br /> homebuyer in the event that the resale price necessary to provide fair return is not affordable to the <br /> subsequent buyer.The period of affordability is based on the total amount of HOME funds invested in <br /> the housing. <br /> (A) Except as provided in paragraph (a)(5)(i)(B) of this section, deed restrictions, covenants running with <br /> the land, or other similar mechanisms must be used as the mechanism to impose the resale <br /> requirements.The affordability restrictions may terminate upon occurrence of any of the following <br /> termination events:foreclosure,transfer in lieu of foreclosure or assignment of an FHA insured <br /> mortgage to HUD.The participating jurisdiction may use purchase options, rights of first refusal or other <br /> preemptive rights to purchase the housing before foreclosure to preserve affordability.The affordability <br /> restrictions shall be revived according to the original terms if, during the original affordability period,the <br /> owner of record before the termination event, obtains an ownership interest in the housing. <br /> (B) Certain housing may be presumed to meet the resale restrictions (i.e.,the housing will be available <br /> and affordable to a reasonable range of low-income homebuyers; a low-income homebuyer will occupy <br /> the housing as the family's principal residence; and the original owner will be afforded a fair return on <br /> investment) during the period of affordability without the imposition of enforcement mechanisms by <br /> the participating jurisdiction.The presumption must be based upon a market analysis of the <br /> neighborhood in which the housing is located.The market analysis must include an evaluation of the <br /> location and characteristics of the housing and residents in the neighborhood (e.g., sale prices, age and <br /> amenities of the housing stock, incomes of residents, percentage of owner-occupants) in relation to <br /> housing and incomes in the housing market area.An analysis of the current and projected incomes of <br />