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ATTACHMENT 1 —ELIGIBLE PROJECTS <br /> Existing_Housine Programs <br /> Affordable Housing Loan Program: The focus of this, homeownership program would be <br /> direct assistance to eligible borrowers. An eligible homeowner is one that has not owned a home <br /> in the past three (3)years. Income-eligible borrowers would be pre-qualified for first and second <br /> mortgages by a local housing non-profit agency with the cooperation of local lenders. All <br /> prospective homebuyers would have to complete a county-approved homebuyer education <br /> program prior to receiving approval to participate in the program. The County would provide a <br /> "pre-commitment'' letter to the borrower, who could then purchase a standard home available on <br /> the market that'they could afford and that sold for less than the FHA maximum sales price for <br /> this area. The eligible borrower must provide a minimum of $750 cash contribution to this <br /> transaction. <br /> Rehabilitation of Substandard Housing — Second Mortgage: This program would provide <br /> direct assistance to eligible homeowners and 501(c)(3) non-profit organizations that own rental <br /> property for rehabilitation of units with code violations. <br /> Community Revitalization Loan Program: This program would provide assistance with the <br /> purchase and rehabilitation of existing property by first-time homebuyers. The guidelines <br /> governing this program will be in accordance with the existing County and Town of Chapel Hill <br /> 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 <br /> Orange County residents. <br /> Urgent Repair Program: The program would be used to provide funds for home repairs that <br /> eliminate potential life or safety threats to low-income homeowners and/or enable the elderly and <br /> disabled to 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 <br /> first-time homebuyers and/or renters. A Builder Participation Agreement would set aside a <br /> funding allocation for second mortgages to developers/homebuyers in a specific project For <br /> rental projects, the use of federal income tax credits and Section 8 certificates and vouchers must <br /> be utilized if available. <br /> 9 <br />