Agenda - 09-02-2008 - 4g - Laserfiche WebLink

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.~~-.j C7'~ Orange County Assistance Policy For the 2008 Cycle of the Single-Family Rehabilitation Program What is the Single-Family Rehabilitation Program? Orange County ("the County") has been awarded $400,000 by the North Carolina Housing Finance County ("NCHFA") under the 2008 cycle of the Single-Family Rehabilitation Program ("SFR2008"). This program provides funds to assist with the rehabilitation of moderately deteriorated homes that are owned and occupied by lower-income households. Orange County plans to apply the funds toward the rehabilitation of about ten (10) houses within Orange County. This Assistance Policy describes who is eligible to apply for assistance under the SFR program, how applications for assistance will be rated and ranked, what the terms of assistance are and how the whole rehabilitation process will be managed. The County has tried to design this SFR2008 project to be fair, open, and consistent with the County's approved application for funding and with NCHFA's SFR Program Guidelines. The funds provided by NCHFA come from the US Department of Housing and Urban Development's (HUD) federal HOME Investment Partnerships Program. The form of assistance will be no interest, no payment loans which are forgiven at the rate of $3,000• per year with a grant of up to $8,000 for lead hazard reduction activities when applicable. Who is eligible to apply? There are three major requirements to be eligible for SFR2008 assistance. First, only elderly (62+) or disabled owner-occupants are eligible. Disabilities must be verifiable. Secondly, the homeowner's family or household must be below a certain income limit. Finally, the applicant's house must be deteriorated, but not so much that the homes selected for rehabilitation cannot be brought up to standards with the limited funding available. Unfortunately, some otherwise-eligible families will be deemed ineligible because their homes fail this test. More specifically, to be eligible for consideration, homeowners must meet the following requirements: • Applicants for SFR rehabilitation funds must prove that they own and occupy the property to be rehabilitated as their primary residence. • Applicants must reside within the service area. • Applicants' homes must meet all of the tests listed below. (See "What types of houses are eligible?"below) • Applicants' household incomes must fall below 80% of the area median. (See far right column of chart below.)