(a) The County shall condition any grant or loan on the applicant providing a minimum of 20 percent of the units for low and moderate income persons as defined herein for a minimum of ten years, and upon granting a deed of trust on the rental property for which the grant or loan is made to secure repayment of the loan and/or compliance with the conditions and restrictions of the grant or loan.
(b) The County may provide grants or loans for site improvements essential to the development, preservation or rehabilitation planned.
(c) The County may provide grants or loans to owners or occupants to develop, preserve and upgrade apartment buildings; to improve health and safety; to conserve energy; to prevent erosion; to enhance the neighborhood; and to reduce displacement of low and moderate income residents of the property.
(d) The County may provide that the value of grant or loan assistance given by the locality under subsections (b) and (c) be proportionate to the number of dwelling units rendered by the owner at reduced rents for persons of low or moderate income.
(e) The County may make a loan or grant of local funds to individuals for the purpose of rehabilitating owner-occupied residences or assisting in the purchase of an owner-occupied residence in designated conservation or rehabilitation districts. Any such loans or grants shall be applied using the income guidelines issued by the Virginia Housing Development Authority for use in its single family mortgage loan program financed with bonds on which the interest is exempt from Federal income taxation. Financial institutions as defined in Va. Code Section 6.1-125 shall be given the opportunity to participate in loans made under this subsection.
(Ord. 09-01. Passed 1-12-09.)