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February 21, 2005 (Regular Meeting) Page 98 with a recognized non profit housing agency or government entity and shall provide the following documentation to the Cabarrus County Commerce Department to meet the qualifications: Any applications to a 501(c) (3) non profit organization or government agency which develops affordable owner occ\lpied housing such as Habitat for Humanity, Prosperity Unlimited~ LLC, and the Concord or Kannapolis Community Development Departmentsj and a letter from the recognized 501(c) (3) and/or government agency certifying completion of all required program requirements; and income documentation that accompanied the aforementioned applications. Eligible applicants will be required to have household incomes at or below 80% of the current HOD published area median income for the Charlotte, North Carolina MSA. Any reimbursement will follow this process: A written request must be presented to the Cabarrus County Commerce Department, with all of the aforementioned documentation', Vouchers and reimbursements shall only be issued for structures that are the primary residence of the applicant(s). Vouchers should be requested during the development of the consent agreement which is part of the subdivision approval process if the subdivision is developed by a recognized non profit or government agency. Vouchers must be presented during the permitting process. If an eligible party purchases a new home in a subdivision affected by adequate public facility fees and that is not produced by a non profit agency or a government agency, a reimbursement may be made in the form of a soft second mortgage that will be applied to the buyer's mortgage. The soft second mortgage will have an amortized recapture clause. Cabarrus County may recapture a percentage of the reimbursement if the subject property changes ownership within five years of the date of purchase. The amount recaptured by the county will decrease by 20% each year for- a five year period. All funding will be subject to availability of appropriate funds in the County's budget. If insufficient funds are available to pay a request which has been properly submitted and approved as provided above, the Administrator shall promptly notify the applicant of the unavailability of the funding. Applications for funding shall not carryover from fiscal year to the next. The payment of school impact fees by the County shall be credited without actual transfer of monies, in the event of a voucher, into the school impact fee fund. Reimbursements will be made in the form of a soft second mortgage, therefore, loan closings will need to be scheduled appropriately to allow for proper financial transactions to occur. Adopted this the 21st day of February, 2005 Cabarrus County Board of Commissioners /s/ Carolyn B. Carpenter Carolyn Carpenter, Chairman ATTEST: /s/ Frankie F. Bonds Frankie F. Bonds, Clerk to the Board (Note: See Resolution No. 2003 -26 adopted August 25, 2003; Resolution No. 2004-30 adopted August 16, 2004; Resolution No. 2004-37 adopted september 20, 2004; and Resolution No. 2004-40 adopted October 15, 2004.) (G-3) Road Name Change - Naming an Unnamed Easement off Irish Potato Road to Talbert Farm Road and Talbert Farm place - Public Hearing - 6:30 p.m. Kassie Goodson, Planner, presented the petition [C2005-03 (Street Naming)] for an unnamed easement (approximately 1,542 feet in length) located off the 4700 block of Irish Potato Road to be officially named Talbert Farm Road and the portion that splits off to the West be named Talbert Farm Place. She stated 48.8 percent of property owners signed the petition, but pointed out the County owns approximately 740 feet of road frontage which would increase the number of required property owners over the required 51 percent. Ms. Goodson stated Emergency Management Services brought the petition to the Commerce Department, and staff recommended approval for E-911 purposes. At 8:51 p.m., Chairman Carpenter opened the public hearing on the naming of Talbert Farm Road and Talbert Farm Place. The Public Hearing Notice was published in THE CHARLOTTE OBSERVER (Cabarrus Neighbors) on February 10 and 20, 2005.