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3 <br />COMM,_,~]NIT_X_LOAN FUND PROGRAM GUIDELINES <br />Purpose: To provide funds for the acquisition and/or rehabilitation of existing housing <br />in Orange County for resale to very low and low-income families. The program will operate in <br />tandem with a local SO1 (c)(3) non-profit organization sponsoring, developing, or serving as an <br />advocate for the potential homebuyer. <br />Eligible Activifies: Funds appropriated under this program may be used for the acquisition <br />and/or residential property rehabilitation of existing dwelling units situated within Orange <br />County suitable for resale to low and moderate income families qualifying under the provisions <br />of this program. The property must have an anticipated life of at least 20 years after <br />rehabilitation. <br />The acquisition of property must not cause displacement of any resident family. Also, if <br />federal money is used for the property acquisitian will be considered a voluntary <br />transaction and the seller must waive their rights under the Uniform Relocation Assistance <br />and Real Property Acquisition Policies Act of 1970 (URA). A waiver form will be <br />provided for signature by the seller. <br />Eligible Property Owner: The prospective property owner must meet three key eligibility <br />criteria. <br />• Income Requirements <br />The total annual family income must be 70% or less of the HUD published median <br />income for the Raleigh-Durham-Chapel Hill Metropolitaa Statistical Area (MSA). <br />Total annual family income shall be defined in accordance with the current HUD <br />Section 8 Existing Housing Program definition of annual income. <br />• Priucipal Residence <br />The prospective buyer must use the property as his/her principal residence. This <br />requirement will be incorporated into all pmgram loan documents. The property may <br />not be rented during the 20 year affordability period. <br />• Residency Requirement <br />The prospective buyer must live or work in Orange County for at least one year prior <br />to purchasing a home under this program. Further, the prospective buyer must be <br />residing in the property to be rehabilitated, or if purchased or constructed, occupy the <br />property when the acquisitioNrehabilitation is complete. <br />Eligible Property Types: <br />Single family dwelling (one unit) <br />Condominium unit <br />Townhouse <br />