A RESOLUTION MODIFYING THE GUIDELINES OF THE AFFORDABLE HOUSING FUND (2007-06-27/R-7)
WHEREAS, on March 26, 2007, the Town Council established the Affordable Housing Fund to preserve owner-occupied housing in Chapel Hill for affordable housing purposes; and
WHEREAS, Orange Community Housing and Land Trust has requested that the Council modify the employment and residency requirements of the Affordable Housing Fund;
NOW, THEREFORE, BE IT RESOLVED that the Council of the Town of Chapel Hill modifies the “Homebuyer Eligibility” Section of the Affordable Housing Fund to read as follows:
Properties must be sold to qualified households earning less than 80 percent of the median income by household size as determined by the U. S. Department of Housing and Urban Development. Homebuyers must live or work in the Town of Chapel Hill or Orange County for one year prior to using the Fund. If a home is not sold after being actively marketed for 90 days, homebuyers who have lived or worked in the Town of Chapel Hill or Orange County for at least six months would be eligible for assistance.
This the 27th day of June, 2007.