Orange County NC Website
Orange County <br /> Assistance Policy <br /> For the 2014 Cycle of the <br /> Single-Family Rehabilitation Loan Pool (SFRLPI4) <br /> What is the Single-Family Rehabilitation Loan Pool? Orange County ("the County") <br /> has been allocated a set-aside of $170,000 by the North Carolina Housing Finance <br /> Agency (NCHFA) under the 2014 cycle of the Single-Family Rehabilitation Loan Pool <br /> (SFRLPI4). This program provides funds to assist with the rehabilitation of moderately <br /> deteriorated single-family owner-occupied housing units occupied by lower income (less <br /> than 80% are median income) households with one or more elderly (62+) or disabled <br /> fulltime household members or owner-occupied units with lead hazards and a child less <br /> than six years old. Orange County plans to apply the funds toward the rehabilitation of <br /> three (3) houses within the Orange County. Additional funds may be available from the <br /> Agency to address additional dwelling units, depending upon Orange County's <br /> performance under the allocated set-aside. <br /> The Assistance Policy describes who is eligible for assistance under SFRLPI4, how <br /> applications for assistance will be rated and ranked, what the terms of assistance are, and <br /> how the rehabilitation process will be managed. Orange County has designed the <br /> SFRLPI4 project to be fair, open, and consistent with its approved application for <br /> funding and with the SFRLPI4 Program Guidelines. <br /> The funds provided by NCHFA come for the US Department of Housing and Urban <br /> Development's (HUD) federal HOME Investment Partnership Program. <br /> The form of assistance will be no interest, no payment loans which are forgiven at the <br /> rate of$3,000 per year with a grant of soft costs up to $10,000. <br /> Eligibility. There are several major requirements to be eligible for SFRLPI4 assistance: <br /> • The housing unit to be rehabilitated with SFR funds must be located in Orange <br /> County, and must be owner-occupied. The household occupying the unit must <br /> have an elderly (62+) or disabled fulltime household member or a child less than <br /> 6 years old and the dwelling unit must contain led-based paint hazards; <br /> • The gross annual household income must not exceed 80% of the area median <br /> income for Orange County(see income limit table on the following page) and; <br /> • The cost of rehabilitation including all mandatory energy-related measures and <br /> lead hazard remediation, if applicable, cannot exceed SFRLP 14 Program <br /> Guideline limits of$45,000. Unfortunately, not all homes can be brought up to <br /> the Program-required Rehabilitation Standards with the limited funding available. <br /> Some otherwise-eligible households may be deemed ineligible for assistance <br /> because their homes fail this test. <br /> 1 <br />