The Venango
County commissioners on Tuesday approved some changes to the county's
affordable housing program.
The housing
assistance program, which was started in late 2006, helps county
residents pay some up-front costs for a home.
Under the
new guidelines, the program offers potential home buyers 10 percent of
the purchase price - or $5,000 - for a down payment or closing costs.
Under the previous guidelines, home buyers could receive up to $7,500.
Ben
Breniman of the Venango Regional Planning Commission, which administers
the program, said the amended guidelines also eliminate those with very
low-incomes from eligibility, because they are served by other programs.
With its
focus on those with low and moderate incomes, the program aims to help
"people who are working but not making much money," Breniman said.
The new
guidelines also allow the county 60 days before the closing date in
which to complete its tasks under the program.
Participants receive the money in the form of a loan, but the loan is
forgiven if they stay in the house for five years.
The program
is funded by fees collected over the years for recording deeds and
mortgages.
In other
matters, the commissioners also approved changes to its tax incentive
program for Oil City. The changes correspond to amendments made by Oil
City in June to its Local Economic Revitalization Tax Assistance (LERTA)
ordinance.
The
previous language provided for five years of tax forgiveness on eligible
properties, with taxes increasing by 20 percent each year. The new
language includes a 10-year schedule with no taxes during the first
three years, a 90-percent reduction the fourth year, and increasingly
smaller reductions in subsequent years. The LERTA applies to
improvements made to deteriorated property in the city's downtown
business district.
