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• <br />B. Rental Housing <br />An organization requesting impact fee reimbursement for rental housing must certify <br />that the property will remain affordable for ninety-nine (99) years. The rental housing <br />certification must be secured by a Declaration of Restrictive Covenant requiring <br />repayment to Orange County of the impact fee if the rental housing does not remain <br />affordable during the period of affordability, which covenant will be further secured <br />by a note and deed of trust. Evidence must be provided that agency and/or program <br />Guidelines are in place to assure affordability compliance. <br />II. Land Trust Model <br />The Land Trust model utilizes anon-profit, community based organization known as a <br />Community Land Trust (CLT) whose purpose is to acquire land and make it available to <br />individual families and others, such as cooperatives, through along-term lease for a term <br />up to 99 years. The leaseholders or homebuyers do not hold title to the land -the title is <br />retained by the CLT -they own the improvements or housing units/structures on the land. <br />The benefits of this model include the ability of the CL T and housing ownership and <br />• protection of affordability for future residents in the sale of buildings and other <br />improvements on the land. The land lease gives the CLT the first option to purchase the <br />home, when and if it is sold, at an affordable price set by a resale formula. The resale <br />formula gives homeowners a fair return for their investment, while keeping the price of <br />the housing units/structures affordable for future residents. <br />III. New and Existing First-Time Homebuyer Programs <br />A. Right of First Refusal <br />A right of first refusal or right to purchase is accomplished by means of a Declaration of <br />Restrictive Covenants on the property purchased by the first-time homebuyer. Any <br />assignment, sale, transfer, conveyance, or other disposition of the Property or any part <br />thereof whether voluntarily or involuntarily or by operation of law ("Transfer"') shall not <br />be effective unless and until the below-described procedure is followed. <br />If the original homebuyer or any subsequent qualified homebuyer ("Buyer") contemplates <br />a Transfer to a non low-income household as defined herein, Buyer shall send to Orange <br />County and/or the sponsoring non-profit organization, not less than 90 days prior to the <br />contemplated closing date of the Transfer, a "Notice of Intent to Sell." This Notice of <br />2 <br /> <br />