Orange County NC Website
Browse       Search
2 <br />~Q _. QAN FUND PRIaGRAM GUIDELINE <br />Purpose: To provide funds for the acquisition and/or rehabilitation of existing housing in <br />Orange County for resale to very low and low-income families. The- program. will operate in <br />tandem with a local 501(c)(3) non-profit organization sponsoring, developing, ~or serving as an <br />advocate for the potential homebuyer. <br />Eligible Activities: 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 federal <br />money is used for the property acquisition will be considered a voluntary transaction and the <br />seller must waive. their rights under the Uniform Relocation Assistance and Real Property <br />Acquisition Policies Act of 1970 (URA). The seller will provide a waiver form for signature. <br />Period of Affordability: All properties assisted under this program must remain <br />affordable to families at or below SO% of median income for a minimum of ninety-nine (99) <br />years from the date of initial assistance. <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 SO% or less of the HUD published median <br />income for the Raleigh-Durham-Chapel Hi11 Metropolitan 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 />• Principal Residence <br />The prospective buyer must use the property as his/her principal residence. This <br />requirement will be incorporated into all program loan documents. The property may <br />not be rented during the 99-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 acquisition/rehabilitation is complete. <br />Eligible Property Types: <br />Single family dwelling (one unit) <br />Condominium unit <br />Townhouse <br />2 <br />