Browse
Search
Agenda - 06-02-2004-9a
OrangeCountyNC
>
Board of County Commissioners
>
BOCC Agendas
>
2000's
>
2004
>
Agenda - 06-02-2004
>
Agenda - 06-02-2004-9a
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/29/2008 8:09:59 PM
Creation date
8/29/2008 10:42:43 AM
Metadata
Fields
Template:
BOCC
Date
6/2/2004
Document Type
Agenda
Agenda Item
9a
Document Relationships
Minutes - 20040602
(Linked To)
Path:
\Board of County Commissioners\Minutes - Approved\2000's\2004
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
18
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
15 <br />ATTACHMENT 3 -- 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 az'e taz'geted to families with incomes at or below 80% of the HUD <br />published area median income, <br />Rental housing programs are targeted to families with incomes at or below 60% of the HUD <br />published area median income.. <br />Definitions <br />Affordable Housing - is defined as (1)owner-occupied housing which can be purchased for no <br />more than 2.5 times to 3.0 times the total amoral family income, or (2) rental housing for which <br />the occupant pays no more than 30% of gross income for all housing costs including utilities. <br />First-time homebuyer/Qualified buyer - A first-time homebuyer for the purposes of this <br />prograni is any low income household that has not owned a home within the past tluee (3) years <br />including households living in manufactured housing not permanently affixed to a foundation, or <br />owner-occupants of homes not feasible for renovation. <br />I. Impact Fee Reimbursement Program (existing policy last revised March 4, 1998.) <br />A. Owner-Occupied Housing <br />Any organization requesting impact fee reimbursement must certify in writing, <br />that, for owner occupied housing, it will remain affordable to the anticipated beneficiary <br />or beneficiaries for a period of a minimum of ninety-nine (99) years or longer depending <br />upon the funding source. This requirement will be secured by a Declaration of <br />Restrictive Covenants, <br />B, Rental Housing <br />An organization requesting impact fee reimbursement for rental housing must <br />certify that the property will remain affordable for ninety-nine (99) years. The rental <br />housing certification must be secured by a Declaration of Restrictive Covenazrt requiring <br />repayment to Orange County of the impact fee if the rental housing does not remain <br />affordable during the period of affordability, which covenant will be further secured by a <br />note and deed of trust. Evidence must be provided that agency and/or program guidelines <br />are in place to assure affordability compliance. <br />
The URL can be used to link to this page
Your browser does not support the video tag.