Orange County NC Website
Browse       Search
6 <br />All applicants will be required to supply documentation of their legal status and the names <br />of the principal officers and/or board, of directors of their firm with their proposals. Financial <br />information pertaining to the capacity of respondents to carry out their proposed activities will <br />be required as well. <br />Eligible Activities <br />Applications may submit an application for funding under any of the eligible programs below. If <br />an applicant wishes to apply for funding for more than one type of program, a separate <br />application must be completed for each proposed activity. <br />1. Existing Housi,~g Programs <br />a. Affordable Housing Loan Program <br />The focus of this homeownership program would be direct assistance to eligible <br />borrowers. An eligible homeowner is one that has not owned a home in the past <br />three (3) years. Income-eligible borrowers would be pre-qualified for first and <br />second mortgages by a local housing non-profit agency with the cooperation of <br />local lenders. All prospective homebuyers would have to complete acounty- <br />approved homebuyer education program prior to receiving approval to participate <br />in the program. The County would provide a "pre-commitment" letter to the <br />borrower, who could then purchase a standard home available on the market that <br />they could afford and that sold far less than the FHA maximum sales price for <br />this area. The eligible borrower must provide a minimum of $750 cash <br />contribution to this transaction. <br />b. Rehabilitation of Substandard Housing --Second Mortgage <br />This program would provide direct assistance to eligible homeowners and <br />501(c)(3) non-profit organizations that own rental property for rehabilitation of <br />units with code violations. <br />c. Community Revitalization Loan Program <br />This program would provide assistance with the purchase and rehabilitation of <br />existing property by first-time homebuyers. The guidelines governing this <br />program will be in accordance with the existing County and Town of Chapel Hill <br />Programs with the same name. <br />d. Acquisition for Low Income Rental Housing <br />Funds would be used to assist local 501(c)(3) organizations purchase and, if <br />necessary, renovate available property for lease to low income Orange County <br />residents. <br />