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13 <br /> ATTACHMENT 3—LON — raw HOUSING AFFORDABILITY POi IP <br /> Purpose: This policy establishes the acceptable strategies for counting long-term <br /> affmdabiliy in all affordable housing programs supported by County financial resources. <br /> Target Population: <br /> Homeownership programs are targeted to families with incomes at or below 80% of the FHID <br /> published area maiim income. <br /> Rental housing programs are targeted to families wily, incomes at or below fff,, of the Hr1D <br /> publishes area median incomes. <br /> Deflations <br /> Affordable Housing-isde Was(1)ownw-occupied Musingwhichcatbepmcbmedkrno <br /> are tam 2.5 times to 3.0 tintes the total annual family income,or(2)rimathousiug forwhich <br /> the momupem pays no more than 30%of gross income for all housing coats including utilities. <br /> First-Doe homebuyerlQualified buyer - A first-time Mmebuyer for the purposes of this <br /> program is my low income household that has not owned a home within the pan tare(3)years <br /> including households living in menufactluM housing not permanently affixed to a enunciator, or <br /> owner-occupants of homes not feasiblef revovaaon <br /> f. ImpaR Bee Reimbursement Program(existing policy lest revised March 4,1998.) <br /> A.0wner-0ecupied Housing <br /> Any organization requesting impact fee reimbutarment must certify in writing, <br /> that, for owner occupied housing,it will remain affordable to the mticipmM benaticiary, <br /> or beneLCiaries for a period of mwinrmn oftdnety-mime(99)years or longer refunding <br /> upon the funding source. This reyairoment will be secured by a Declaration of <br /> Restrictive Covenants. <br /> B.Rental Housing <br /> An organization requesting impact fc remburmmmt for renal Musing must <br /> certify that the property, will remain affordable her vinery-mine (99) years, The rental <br /> housing certification must be aimed by a Bale memo of Restrictive Covenant requiring <br /> repayment to Orange County of the impact fee if the rerW sousing does not resonant <br /> affordable during the period of affoMabitity,which eovmmr will be fun ur secmal by a <br /> note and deed of trust Evidence most be provided that agency and/or progam guidelines <br /> ere in place to assure affordability,wmpliarce. <br />