2008-117 Housing - Development Agreement-Community Alternatives for Supportive Abodes

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d. An annual rental operations budget must be submitted to the County each year at least sixty days prior to the July 1 beginning date for the fiscal year. e. CASA is responsible for verifying the income of prospective tenants and maintaining eligibility data. CASA shall maintain tenant files as part of its Books and Records as required and for the period of time required by Section 4f, of this Agreement. CASA must provide the County an initial occupancy report verifying the income eligibility of all tenants at the time of initial lease-up. CASA must furnish the County with an annual report on the Project dwelling units by July 31 of each year thereafter certifying that all tenants earn less than 40% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and as amended from time to time. 2. Affordability Requirement. Each of the Project dwelling units must remain affordable for a period of ninety-nine years. CASA retains full responsibility for compliance with the affordability requixement for each of the Project dwelling units; unless affordability restrictions are terminated due to the sale of the Property to anon-qualified buyer in which event the Resale Provisions of Section 3 of this Agreement pertain. CASA shall assure compliance with affordability of each of the Project dwelling units as provided in the Declaration on the Property. This Declaration shall constitute and remain a first lien on the Property during the period of affordability. It is further the responsibility of CASA to rerecord the Declaration of Restrictive Covenants periodically and no less often than one day less than every 30 years from the date hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof uicluding any leasehold interest in the Property or portion thereof. Orange County retains the right to, periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Agreerrient that the 99 year duration of this Declaration of Restrictive Covenants be accomplished and that any future owner of the Property, CASA, and Orange County will do what is necessary to ensure that the same is not extinguished by N.C. Gen. Stat. § 41-29 or any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Property and by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. Any future owner, CASA and Orange County agree to do what each must do to accomplish the 99-year duration of this Declaration of Restrictive Covenants. 3. Resale Provisions. CASA shall assure compliance with affordability of each of the Project dwelling units through the Declaration of Restrictive Covenants. The Declaration of Restrictive Covenants shall include at least the following elements in their resale provisions for the Improvements: