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Both the Declaration of Restrictive Covenants and Deed of Trust contain resale provisions that <br />provide should ARI become unable to operate a property as an affordable rental property, it <br />may be transferred to another 501(c)(3) organization with a similar interest in affordable housing <br />with the County's permission. County staff has talked extensively with the staff of the two non- <br />profit organizations regarding the potential transfer of these properties and agrees with the <br />interest of ARI to transfer the properties to EmPOWERment. <br />FINANCIAL IMPACT: Transfer of these properties to EmPOWERment, Inc. will provide <br />continued security of $258,000 in HOME Investment Partnership Program funds and $273,642 <br />in County Affordable Housing Bond funds by an organization with a similar interest in affordable <br />housing. <br />RECOMMENDATION (S): The Manager recommends that the Board: <br />1) Approve the transfer of 13 properties currently owned by the Affordable Rentals, Inc. <br />(ARI) to EmPOWERment, Incorporated; and <br />2) Authorize the County Attorney's Office to prepare the necessary documents to complete <br />the transfer and authorize the Chair of the Board of the County Commissioners and the <br />County Manager to execute the necessary documentation. <br />