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AG 2009 07 20
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AG 2009 07 20
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Last modified
2/8/2010 9:53:28 AM
Creation date
11/27/2017 11:25:56 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
2/8/2010
Board
Board of Commissioners
Meeting Type
Regular
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c <br />APFD Reimbursement Policy for Affordable Housing <br />Any party wishing to obtain a voucher for or reimbursement of the adequate public <br />facilities contribution must be actively working with a recognized non profit housing <br />agency or government entity and shall provide the following documentation to the <br />Cabarrus County Commerce Department to meet the eligibility criteria; <br />A: Qualifications: <br />1. Any applications to a 501(c) {3) non profit organization or government agency <br />which develops affordable owner occupied housing such as Habitat for <br />Humanity, Prosperity Unlimited, LLC, and the Concord or Kannapolis <br />Community Development Departments; and <br />2. A letter from the recognized 501(c} (3) and/or government agency certifying <br />completion of all required program requirements; and <br />3. Income documentation that accompanied the aforementioned applications. <br />Eligible applicants will be required to have household incomes at or below 80% <br />of the current HUD published area median income for the Charlotte, North <br />Carolina MSA. <br />B: Reimbursement process: <br />1. A written request must be presented to the Cabarrus County Commerce <br />Department, with all of the aforementioned documentation. <br />2. Vouchers and reimbursements shall only be issued for structures that are <br />the primary residence of the applicants}. <br />3. Vouchers should be requested during the development of the consent <br />agreement which is part of the subdivision approval process if the <br />subdivision is developed by a recognized non profit or government <br />agency. <br />4. Vouchers must be presented during the permitting process. <br />5. If an eligible party purchases a new home in a subdivision affected by <br />adequate public facility fees and that is not produced by a non profit <br />agency or a government agency, a reimbursement may be made in the <br />form of a soft second mortgage that will be applied to the buyer's <br />mortgage. The soft second mortgage will have an amortized recapture <br />clause. Cabatrus County may recapture a percentage of the <br />reimbursement if the subject property changes ownership within five <br />years of the date of purchase. The amount recaptured by the county will <br />decrease by 20% each year for a five year period. <br />6. All funding will be subject to availability of appropriate funds in the <br />County's budget. If insufficient funds are available to pay a request <br />which has been properly submitted and approved as provided above, the <br />Administrator sha[l promptly notify the applicant of the unavailability of <br />F-6 <br />Attachment number 2 <br />Page 168 of 627 <br />
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