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

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5 household members will be used to determine household size and all household members are subject to income verification). Occupant. An occupant is defined as any immediate family member (mother, father, spouse, son/daughter of the head of the household, regardless of the time of occupancy); or non-immediate family member who has resided in the dwelling at least 3 months prior to the submission of the family's application. Recipients of assistance under the SFR program will be chosen by the above criteria without regard to race, creed, sex, color or national origin. What are the terms of assistance under SFi22008? Orange County will provide several types of assistance to the homeowners whose homes are selected for rehabilitation. Orange County will determine the scope of work needed to meet SFR program standards, prepare a work write-up and bid documents, solicit competitive bids from approved contractors, provide contract documents, conduct a pre- construction conference, inspect work in progress, and disburse funds to the contractor. To pay for the rehabilitation work, Orange County will provide part of the funds in the form of an interest-free forgivable loan to the homeowner forgiven at the rate of $ 3000 per year with a grant of up to $8,000 for lead hazard reduction activities when applicable. This is a loan, placing a "mortgage",alien on the property and it will be secured by a Deed of Trust. As long as the borrower lives in the home, no payments on the loan will be required. Of course, if the recipient prefers, the loan can be paid off at any time, either in installments or as a lump sum payment. Furthermore, no payment will be required as long as the house continues to be both owned and occupied by a household whose income is less than 80% of the median income. That means any heir who may inherit the property from the original borrower, or any buyer who may wish to buy the property to live in, may "assume" the loan with prior written approval of the North Carolina Housing Finance County, and make no payments, so long as they can document that they are income-eligible. Default can occur if the property is sold or transferred to another person, if the borrower fails to use the home as a principal residence or upon the death of the borrower. Each unit must use a minimum of $5,000, but not more than $40,000 or $48,000 for lead hazard reduction of SFR2008 funds. The amount will depend on the scope of work, as determined by the Rehabilitation Specialist, and the best bid received. The average cost of rehabilitation for the 10 units to receive assistance must be less than $35,000, therefore some applicants may have to be declined in order to keep the average cost below that level. Orange County will offer, subject to NCHFA approval and homeowner acceptance, the possibility of having access to the Duke Power loan pool to finance certain energy related costs if the lowest bid exceeds the cost limits of the SFR Program. This will be on a case by case basis.