Orange County NC Website
Browse       Search
23 <br /> Age Demographics of LHA Awardees <br /> 2024 2025 2 <br /> Number Percent Number Percept <br /> 555 86 17% 101 130/16 <br /> 56-60 37 7% 40 5%6 <br /> 61-65 63 13% 66 8%7 <br /> 66-70 82 16% 103 130/,9 <br /> 71-75 91 18% 94 120%Q <br /> 76-80 69 14% 95 12�1 <br /> 1 L <br /> 81-85 36 7% 41 50/1 <br /> 86+ 38 8% 40 5044 <br /> No data 0 0% 225 28V <br /> TOTAL 502 805 16 <br /> 17 <br /> 18 Note: Percentages may not add up to 100% due to rounding. <br /> 19 <br /> 20 For households that received both Orange County and Town of Chapel Hill funding, staff applied <br /> 21 the calculation formula for Orange County first and determined that assistance amount. Staff then <br /> 22 applied the same formula a second time for assistance from Chapel Hill. The award amount was <br /> 23 then proportionally reduced based on the amount of funding that Chapel Hill provided compared <br /> 24 to Orange County. Staff also doublechecked all of these households to ensure that no recipients <br /> 25 received more assistance than their overall tax burden. <br /> 26 <br /> 27 As an example, if a household had $25,000 of income per year, had an eligible home value and <br /> 28 met the threshold requirement for assistance, staff applied the previously approved prioritization <br /> 29 (e.g. time in county, age of household and income level) in accordance with past practice. The <br /> 30 household might be eligible for $1,000 of assistance for Orange County. Staff then applied the <br /> 31 same prioritization to the example household that is Town of Chapel Hill eligible to determine a <br /> 32 new award amount. Staff then reduced that award amount proportionally according to the total <br /> 33 funds provided by the Town. <br /> 34 <br /> 35 Staff suggests the County reconsider eligibility requirements to target funds toward longer-term <br /> 36 Orange County residents. With the eligibility threshold at five (5) years of ownership, many <br /> 37 residents are able to receive assistance even after purchasing a home since housing prices have <br /> 38 inflated. By lengthening the eligibility requirement to at least ten (10) years, or even setting a <br /> 39 purchase-by date (e.g. 2015), the County could assure that limited funds are assisting the longest <br /> 40 residing homeowners and households of least means. <br /> 41 <br /> 42 As noted in the following table, 137 of the 805 awardees purchased their homes since 2016, and <br /> 43 those households received assistance totaling $27,400. If the period for ownership was <br /> 44 lengthened, this assistance could go to longer-term homeowners who are more likely to need the <br /> 45 assistance, as they purchased their homes when homes were more accessible to low-income <br /> 46 households. The table below models the potential redistribution of those funds: <br /> 47 <br /> 48 <br />