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2008-086 Housing - Development Agreement Consolidated Housing Plan Annual Update $200,000 Habitate for Humanity
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2008-086 Housing - Development Agreement Consolidated Housing Plan Annual Update $200,000 Habitate for Humanity
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Last modified
4/27/2011 2:32:22 PM
Creation date
6/15/2009 11:06:56 AM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
4e
Document Relationships
Agenda - 05-03-2007-4e
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\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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Property as provided in North Carolina General Statute § 47B-4 or any comparable <br />preservation law in effect at the time of the recording of the notice of preservation. It is <br />the intent of this Section of this Agreement that the 99 year affordability requirement <br />contained herein be accomplished and that Habitat and the County will do what is <br />necessary to ensure that the same is not extinguished by the Real Property Marketable <br />Title Act or any comparable law purporting to extinguish, by the passage of time, non <br />possessory interests in real property. Both Habitat and County agree to do what each must <br />do to accomplish the 99-year affordability requirement. <br />5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units <br />through the Declaration of Restrictive Covenants. The Declaration of Restrictive <br />Covenants shall include at least the following elements in their resale provisions for the. <br />Improvements: <br />5.1 If the buyer no longer uses the Property as a principal residence or is unable to <br />continue ownership, then the buyer must sell, transfer, or otherwise dispose of <br />their interest in the Property only to a qualified homebuyer, i.e., aloes-income <br />household, one whose combined income does not exceed 80% of the area median <br />household income by family size, as determined by the U.S. Department of <br />Housing and Urban Development at the time of the transfer, to use as their <br />principal residence. <br />• 5.2 However, if the property is sold during the term of affordability to anon-qualified <br />homebuyer, the Right of First Refusal provision of the New and Existing First- <br />Time Homebuyer Program portion of the County's. Long-Term Housing <br />Affordability Policy must be followed and the net sales proceeds (sales price less: <br />(1) selling cost, (2) the unpaid principal amount of the original first mortgage and <br />(3) the unpaid principal amount of the initial County contribution and any other <br />initial government contribution secured by a deferred payment promissory note <br />and deed of trust) or "equity" will be divided 50/50 by the seller of the Property <br />and the County. <br />5.3 The resale provision shall- remain in effect for the full affordability period - 99 <br />years. <br />6. Miscellaneous Provisions. <br />a. Uniform Administrative Requirements. Habitat must comply with the applicable <br />uniform administrative requirements of 24 CFR §92.505. <br />b. Other Program Requirements. Habitat must carry out each activity in compliance <br />with all Federal laws and regulations described in 24 CFR, Part 92, subpart H except that the <br />subrecipient does not assume the responsibilities for environmental review or intergovernmental <br />• review. <br />
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