AG 2007 06 18 - Laserfiche WebLink

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agreement shall be subject to approval by the Board of Commissioners. Any party wishing to obtain a voucher for or reimbursement of the- adequate public facilities contribution must be actively working 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 occupied housing such as Habitat for Humanity, Prosperity Unlimited, LLC, and the Concord or Kannapolis Community Development Departments; 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 HUD 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 carry over 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 ___ __ Formatted: Righ[ Formatted: lustifieA ;