A RESOLUTION MODIFYING THE GUIDELINES OF THE TOWN’S AFFORDABLE HOUSING PROGRAMS (2008-04-14/R-7)

WHEREAS, Orange Community Housing and Land Trust has requested that the Council modify its affordable housing policies; and

NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Chapel Hill that the Council modifies the guidelines of the Town’s affordable housing programs for senior citizens that wish to purchase Land Trust condominiums as follows: (1) waive the first time homebuyer requirement; and (2) with new construction condominium projects, once the Town issues a Certificate of Occupancy for a unit, the requirement that a senior citizen buyer live or work in Orange County for one year prior to purchasing the property is waived.

BE IT FURTHER RESOLVED that this policy applies to all of the Town’s affordable housing funding sources including the Community Development Block Grant Program, the Housing Loan Trust Fund and the Affordable Housing Fund. 

This the 14^th day of April, 2008.