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3.1 If CASA no Ioilger uses the Property as rental property or is unable to continue <br />ownership, then CASA must sell, transfer, or otherwise dispose of its interest in <br />the Property only to an agency with similar interest in affordable housing and <br />serve families with incomes not exceeding 50% of the area median household <br />income by family size, as determined by the U.S. Department of Housing and <br />Urban Development at the time of the transfer. The non-profit fiend, foundation, <br />or corporation of like purposes must have established its tax-exempt status under <br />Section S01 (c) (3) of the Internal Revenue Code. <br />3.2 However, if the Property is sold, transferred, or otherwise disposed of to other <br />than an agency with similar interest in affordable housing during- the term of <br />affordability, the Right of First Refusal provision of the County's Long-Term <br />Housing Affordability Policy must be followed and the net sales proceeds (sales <br />price less: (1} selling cost, (2) the unpaid principal amount of the original first <br />mortgage and (3} the unpaid principal amount of the initial County contribution <br />and any other initial government contribution secured by a deferred payment <br />promissory note and deed of trust} or "equity" will be divided 50/50 by the. seller <br />of the Property and the County. <br />3.3 The resale provision shall remain in effect for the full affordability period - 99 <br />years. <br />4. Miscellaneous Provisions. <br />a. .Uniform Administrative Requirements. CASA must comply with the applicable <br />uniform administrative requirements of 24 CFR §92.505. <br />b.. Other Program Requirements. CASA 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 />c. Affirmative Marketing. If HOME funds will be used fox housing containing five <br />{5} or more assisted units, CASA must prepare and submit an Affirmative Marketing Plan to the <br />County. <br />d. Termination of Agreement. The full benefit of the Project will be realized only <br />after the completion of the affordability periods for all Project dwelling units. It is the County's <br />intention that the full public benefit . of the Project shall be completed under the auspices of <br />CASA for the assisted units as follows: <br />i. In the event that CASA is unable to proceed with any aspect of the Project in a timely <br />manner, and County and CASA determine that reasonable extension(s) for <br />completion will not remedy the situation, then CASA will retain responsibility for <br />requirements for any dwelling units assisted and County will make no further <br />payments to CASA. <br />4 <br />