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3. Each housing unit must have a value that does not exceed 95% of the area median <br />purchase price for that type of housing. <br />Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are <br />current and can be computed at 100% of market value. <br />4. Amount of HOME funds/Form of Subsidy <br />The County shall make available to the Owner up to a total of One Hundred Thousand <br />Dollars ($100,000) pursuant to this Agreement. Funds shall be distributed at the time <br />necessary for payment of eligible costs. The HOME Program subsidy will be provided <br />as a grant to each subject property as a fixed subsidy. <br />5. Time for Commencement and Completion. The Project must begin within one (1) <br />year of the date of this Agreement. CHT will be responsible for providing status reports <br />to the County quarterly detailing the project activities until project completion. In <br />addition, CHT agrees to furnish to the County a copy of its annual audit performed by a <br />certified public accountant within 90 days of the end of each fiscal year until the Project <br />is complete. <br />The Project completion date is the closing date of the Ground Lease by a qualified buyer <br />of the last of the Project dwelling units. In the event that CHT is unable to proceed with <br />any aspect of the project in a timely manner, and County and CHT determine that <br />reasonable extension(s) for completion will not remedy the situation, then the <br />Termination of Agreement provisions of this Agreement (Section 8.a.) shall control. <br />CHT may, at its option, submit a written request for a delay of completion for County <br />approval. The County may, at its option, approve any delay in the completion date or <br />declare CHT in default. <br />CHT shall monitor the housing units for affordability for the period of affordability - <br />ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract <br />completion date shall be the end date of the last affordability period. <br />6. Affordability Requirement. Each housing unit must remain affordable for a period of <br />ninety-nine years. CHT retains full responsibility for compliance with the affordability <br />requirement for assisted housing units. CHT shall assure compliance with affordability <br />of assisted housing units by having recorded, no later than the time it leases the first of <br />the housing units, a "Declaration of Restrictive Covenants" (Exhibit B) on the Property. <br />This Declaration shall constitute and remain a first lien on the Property during the period <br />of affordability, unless otherwise provided by law or unless otherwise agreed by County. <br />It is further the responsibility of CHT to rerecord the Declaration of Restrictive <br />Covenants no later than one day before the expiration of 30 years of the date of its lease <br />of each of the housing units in the event the homeowner leasing the housing unit from <br />3 <br />