S Housing - Grant Consolidated Housing Plan Annual Update/HOME Program $70,000

Browse Search

• NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: 1. OCHLT agrees to acquire the project dwelling unit and lease it in the following manner. a. OCHLT shall acquire and renovate the dwelling unit defined in the Project, obtain all permits and licenses necessary to construct the home on the Property, and comply with applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy Standazds. The Project shall be undertaken without residential displacement. b. OCHLT shall lease a housing unit, as herein defined, in the renovated dwelling unit to a qualified buyer whose income is up to but no more than 80% of the azea median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the sale. c. The period of affordability will be at least 99 yeazs and will be secured by a OCHLT Ground Lease of the housing unit with restrictions to ensure compliance. Further security shall be in the form of a Declaration of Restrictive Covenants that will make the County a third party beneficiary of and successor to the long term affordability remedies in the Ground Lease in the event of a failure of or inability of OCHLT to enforce the long term affordability remedies in the Ground Lease. i d. OCHLT is responsible for soliciting an OCHLT Ground Lease tenant for the housing unit. OCHLT and/or the Ground Lease tenant shall be responsible for securing permanent mortgage financing for the housing unit. e. OCHLT is responsible for verifying the income of the Ground Lease tenant, explaining the land trust program and the OCHLT Ground Lease to the potential tenant and certifying by written documentation signed by the tenant that the program requirements have been fully explained. OCHLT shall maintain purchaser files as part of its Books and Records as required and for the period of time required by Section 7.c. of this Agreement. 2. At the time of resale of the project dwelling unit, OCHLT will convey a housing unit to qualified homebuyer. Each housing unit will consist of a 99 year Ground Lease (renewable for an additional 99 yeazs) to the project dwelling unit. The Ground Lease, the form of which is Exhibit C hereto, provides for the long term affordability (at least 99 yeazs) of the housing unit and provides remedies to insure the long term affordability of the housing unit. OCHLT hereby declazes and covenants, on behalf of itself and all future owners of the Property, that, during the term of this Declaaation, the County is a third party beneficiary of and successor to each and every remedy intended to insure the long term affordability of the housing unit that is provided for in the Ground Lease and may, in the event of the failure or default of the Lessor in the Ground Lease to insure the long term affordability of the housing unit as provided for in the Ground Lease, exercise • all rights and remedies available to the Lessor in the Ground Lease for that purpose. 2