Public Township Council Meeting — Packet

106-12 May 29, 2012 RESOLUTION WHEREAS, The Township of West Orange, through the West Orange Housing Rehabilitation Program (“WOHRP”), under the guidelines of the Council on Affordable Housing, offers monetary assistance to homeowners in order to enable them to correct defects in their homes and to bring them up to Property Maintenance Code standards; and WHEREAS, currently WOHRP grants owner occupied single family homeowners, who meet the family income criteria, a non-interest bearing deferred loan up to $20,000; and WHEREAS, through WOHRP numerous low and moderate income housing units within the Township of West Orange have been rehabilitated; and WHEREAS, it has recently been determined that it would be in the best interest of the Township and its residents to amend the WOHRP to allow single and multi family owners or renters, who meet the family income criteria, the ability to obtain non-interest bearing deferred loans up to $35,000; and WHEREAS, further amend WOHRP to allow the loan to be forgiven providing the homeowner occupies the single family dwelling and not sell or rent the property for a twelve (12) year period, from the work completion date. NOW THEREFORE BE IT HERBY RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE that WOHRP be and is hereby amended to provide that new owner occupied single family homeowner applicants, who meet the family income criteria, are eligible to obtain a non-interest bearing deferred loan up to $35,000 and allow the loan to be forgiven providing the homeowner occupies the single or multi-family dwellings and not sell or rent the property for a twelve (12) year period, from the work completion date. Karen J. Carnevale Patricia Spango Municipal Clerk Council President Adopted: May 29, 2012 E:\COAH\2012\RESOLUTION WOHRP LOAN AMT.42-23(3).doc