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16 <br />ATTACHMENT 1 -- ELIGIBLE PROJECTS <br />It is the intention of the BOCC that a wide range of projects is eligible for bond funding, <br />including projects of mixed-tenure nature, i.e. mixing different housing types together in one <br />project. Production of non-traditional housing types -- such as duplexes, single room occupancy <br />(SROs), group homes, and transitional housing - is also encouraged. If a prospective applicant is <br />considering a project that is not included in the list of eligible projects, then the applicant should <br />request a pre-application conference with the Director of Housing and Community Development <br />and the Chair of the PRS Committee to determine how the project will be evaluated by the <br />current criteria. <br />The following housing programs are also eligible for funding. <br />Existing Housing Programs <br />Affordable Housing Loan Program: The focus of this homeownership program would be direct <br />assistance to eligible 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 second mortgages by a <br />local housing non-profit agency with the cooperation of local lenders. All prospective homebuyers would <br />have to complete a county-approved homebuyer education program prior to receiving approval to <br />participate in the program. The County would provide a "pre-commitment" letter to the borrower, who <br />could then purchase a standard home available on the market that they could afford and that sold for less <br />than the FHA maximum sales price for this area. The eligible borrower must provide a minimum of $750 <br />cash contribution to this transaction. <br />Rehabilitation of Substandard Housing - Second Mortgage: This program would provide direct <br />assistance to eligible homeowners and 501(c)(3) non-profit organizations that own rental property for <br />rehabilitation of units with code violations. <br />Community Revitalization Loan Program: This program would provide assistance with the purchase <br />and rehabilitation of existing property by first-time homebuyers. The guidelines governing this program <br />will be in accordance with the existing County and Town of Chapel Hill Programs with the same name. <br />Acquisition for Low Income Rental Housing: Funds would be used to assist local 501(c)(3) <br />organizations purchase and, if necessary, renovate available property for lease to low-income Orange <br />County residents. <br />Urgent Repair Program: 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 elderly and disabled to <br />remain in their homes by providing essential accessibility modifications. <br />New Construction Programs <br />Assistance may be provided to non-profit housing developers of new construction projects for first-time <br />homebuyers and/or renters. A Builder Participation Agreement would set aside a funding allocation for <br />second mortgages to developers/homebuyers in a specific project. For rental projects, the use of federal <br />income tax credits and Section 8 certificates and vouchers must be utilized if available.