Applicant Buncombe MHO MHO AHC Type Project Employee Housing Trust Fund Rental Construction Self Help SF Construction HOED / Downpayment Assistance TOTAL Number of Units 1 80 10 10 101 Population Served (% AMI) <100 <60 <80 <80 Recommended Amount of Funding ($) 10,000.00 26,800.00 110,000.00 153,200.00 300,000.00 Applicant Type Project Description Loans for Buncombe County Government employees to assist in their housing needs. Eligible uses of funds may be downpayment assistance, home rehabilitation, or new construction. Loans may be available for up to $10,000 at 2% annual interest, payable over a 5-year period. Justification If approved, this will be the second year of funding for this program. Qualified candidates for consideration are full time permanent employees of Buncombe County, and part-time employees with the County who have been employed for at least a year, and who earn at or below the area median income. All loans will be secured with a lein on the property and must be within Buncombe County. Residents will be of the local work force earning <60% AMI, or approximately $30,000 per year. This income group comprises over 50% of the county's population. According to the Consortium's Consolidated Strategic Housing Plan, the number one priority (ranked by need) is affordable rental housing for households earning at or near minimum wage. These apartments could provide affordable rental housing for 80 families. 10% of the units will be reserved for individuals with special needs. Buncombe Employee Housing Trust Fund MHO Rental Construction - Crowell Park Crowell Park will be an 80 unit rental apartment complex for working families. The complex will be built in an attractive "village" model, with the buildings forming an interior "village green" with recreational facilities for all ages. The apartments will have 1-3 bedroom floorplans. A professional onsite manager will reside at the complex. The location of the site is close to public transportation, employment hubs, and shopping centers. MHO will ensure that each and every resident family has the opportunity to become a homebuyer through their Affordable Homeownership Program. MHO's program goal is to develop land in the County and build 14 homes in 2 years using the self-help method. Members of two 7-member groups contribute supervised "sweat equity"r for each of the group member's homes, working approximately 35 hours each week. Trade work will be done by professional contractors, as will other specialty tasks. Projected home mortgages will be $108,000 to $130,000 depending on the chosen floorplan (1104-1396 square feet). Homeownership Education and Counseling Program (HOED) is designed to provide training and tools to low- and moderate income families who are first time homebuyers residing in the county, which prepares them to shop for, purchase, maintain and keep their homes. The HOED Downpayment Assistance Program provides downpayment and closing cost assistance to first-time homebuyers purchasing a home in Buncombe County, up to $15,000 can be borrowed with households providing a minimum of 10% toward purchase of home. MHO Self Help SF Construction This program has received funding through the USDA, and will continue to use USDA as the mortgage leader. Eligible participants must attend homebuyer's education classes through the Affordable Housing Coalition, qualify by income and have good credit history. This will be the second year that we fund this program. AHC HOED / Downpayment Assistance This is the second time that AHC has applied for HOED Downpayment assistance funds. The funds that were granted in 2004 have assisted more than 10 home purchases. Participants attend their homebuyer's class, are income eligible, and qualify for a mortgage from a lender. By offering up to $15,000 in downpayment assistance along with client matching savings, the HOED program of the AHC will be able to assist in homeownership for low income families in the county. Through this downpayment assistance, the client will be able to lower their monthly martgage costs by eliminating Private Mortgage Insureance and lower their interest rate by qualifying for financing at 95-97% rather than 100%.