Orange County NC Website
53 <br /> bedrooms, as determined by HCD. <br /> 7.14.4.5 Disclosure of Contract Terms to Potential Home-Buyers <br /> a) Staff from the Planning Department and the Department . <br /> of Housing and Community Development shall meet with <br /> the prospective buyer prior to the purchase to assure <br /> that all terms of the contract are fully understood. <br /> Explanation of the terms of the contract shall <br /> include the following implication: <br /> i. Building permits for the improvements to the <br /> structure may be obtained if the owner wishes <br /> to remodel or construct an addition, or <br /> construct accessory structures. However, there <br /> is no assurance that the investment will be <br /> regained if the unit is sold prior to the <br /> expiration of the contract due to the <br /> requirement that it be purchased by a moderate <br /> income household. <br /> b) Home-ownership counseling shall be made available to <br /> first-time buyers to provide information on such <br /> topics as insurance and maintenance. The counseling <br /> shall be provided by the Department of Housing and <br /> Community Development. <br /> 7.14.4.6 Conveyance of Property to Orange County <br /> Land donated to Orange County pursuant to Article <br /> 7.4.14.2.d to enable a developer to obtain a density <br /> bonus shall be donated in trust for the purpose of the <br /> development of affordable housing. An agreement between <br /> the developer and Orange County and the instruments of <br /> conveyance shall insure this trust as determined by the <br /> County Attorney. <br /> ARTICLE 22 DEFINITIONS <br /> Family Income (new) - The gross annual sum of all income <br /> received by all adult members of the household, including <br /> - earned income from wages for all family members <br /> over the age of 18: <br /> - income from assets: <br /> - child support, alimony, Welfare payments, Social <br /> Security payments, including SSI, Worker's <br /> Compensation and Unemployment benefits; <br /> - Regular contributions and gifts; <br /> - Income from a business; <br /> -- earned income tax credits; <br /> - lump sum payments such as inheritance, insurance <br /> settlements, and proceeds from sale of property; <br /> and <br />