Orange County NC Website
Browse       Search
7 <br />e. Urgent Repair Program <br />The program would be used to provide funds for home repairs that eliminate <br />potential life or safety threats to low-income homeowners and/or enable the <br />elderly and disabled to remain in their homes by providing essential accessibility <br />modifications. <br />2. New Construction Programs <br />a. New Construction -Second Mortgage <br />Assistance may be provided to non-profit housing developers of new construction <br />projects for first-time homebuyers and/or renters. A Builder Participation <br />Agreement would set aside a funding allocation for second mortgages to <br />developers/homebuyers in a specific project. <br />For rental projects, the use of federal income tax credits and Section 8 certificates <br />and vouchers must be utilized if available. <br />b. Land Acquisition <br />This program would enable a local 501(c)(3) non-profit organization to acquire <br />and hold available land suitable for affordable housing development. The land <br />would subsequently by developed by any non-profit organization with a sound, <br />site-specific, development proposal within eighteen months. Actual construction <br />must begin within three (3) years of the original application date. The bond <br />money investment for land purchase would remain with the land as a second <br />mortgage with deed restrictions. <br />All housing program activities should be completed within three years of funding award. Bond <br />fund recipients will be required to submit a status report to the County each year during project <br />implementation. Any requests for time extensions will be granted at the discretion of the Board <br />of County Commissioners and must be submitted at least six months prior to the deadline date. <br />Eli e r ertie <br />All prospective property must be thoroughly inspected and determined suitable for building. <br />Further, the purchase price of the property may not exceed the assessed value as determined by <br />an appraisal by a certified property appraiser. All associated building plans must meet all <br />applicable building codes, housing codes, zoning ordinances, and subdivision ordinances. <br />Eligible IncomeS~~ou~s <br />This program is available for first-time homebuyers earning less than 80% of the Area Median <br />Family Income for the Raleigh-Durham MSA. (See Attachment I) Proposed terms and <br />conditions far the use of County financing must be a part of the submission. <br />