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AG 2005 02 21
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AG 2005 02 21
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Last modified
3/3/2006 8:34:38 AM
Creation date
11/27/2017 11:34:49 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
2/21/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />agreement shall be subject to approval by the Board of <br />Commissioners. <br />o Any party wishing to obtain a voucher for or reimbursement of the <br />adequate public facilities contribution must be actively working with <br />a recognized non profit housing agency or government entity and <br />shall provide the following documentation to the Cabarrus County <br />Commerce Department to meet the qualifications: Any applications <br />to a 501 (c) (3) non profit organization or government agency which <br />develops affordable owner occupied housing such as Habitat for <br />Humanity, Prosperity Unlimited, LLC, and the Concord or <br />Kannapolis Community Development Departments; and a letter <br />from the recognized 501 (c) (3) and/or government agency certifying <br />completion of all required program requirements; and income <br />documentation that accompanied the aforementioned applications. <br />Eligible applicants will be required to have household incomes at or <br />below 80% of the current HUD published area median income for <br />the Charlotte, North Carolina MSA. Any reimbursement will follow . <br />this process: A written request must be presented to the Cabarrus <br />County Commerce Department, with all of the aforementioned <br />documentation. Vouchers and reimbursements shall only be issued <br />for structures that are the primary residence of the applicant(s). <br />Vouchers should be requested during the development of the <br />consent agreement which is part of the subdivision approval <br />process if the subdivision is developed by a recognized non profit <br />or government agency. Vouchers must be presented during the <br />permitting process. If an eligible party purchases a new home in a <br />subdivision affected by adequate public facility fees and that is not <br />produced by a non profit agency or a government agency, a <br />reimbursement may be made in the form of a soft second mortgage <br />that will be applied to the buyer's mortgage. The soft second <br />mortgage will have an amortized recapture clause. Cabarrus <br />County may recapture a percentage of the reimbursement if the <br />subject property changes ownership within five years of the date of <br />purchase. The amount recaptured by the county will decrease by <br />20% each year for a five year period. All funding will be subject to <br />availability of appropriate funds in the County's budget. If <br />insufficient funds are available to pay a request which has been <br />properly submitted and approved as provided above, the <br />Administrator shall promptly notify the applicant of the unavailability <br />of the funding. Applications for funding shall not carry over from <br />fiscal year to the next. The payment of school impact fees by the <br />County shall be credited without actual transfer of monies, in the <br />event of a voucher, into the school impact fee fund. <br />Reimbursements will be made in the form of a soft second <br />mortgage, therefore, loan closings will need to be scheduled <br />appropriately to allow for proper financial transactions to occur. <br /> <br />Gt-:l <br />
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