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51 <br /> 7.14.4.3 Contract for Sale of Single-family Residences <br /> Approval of the Special Use Permit shall not occur until <br /> there is a contract between the property owner and Orange <br /> County, which shall also be binding on future owners of . . <br /> the reserved lots. The contract shall be administered by <br /> (HCD) , and shall include the following provisions: <br /> a) All sales and resales shall be approved by HCD to <br /> assure ownership by qualifying buyers in accordance <br /> with the following eligibility criteria. <br /> i) Family income, as defined in Article 22 of this <br /> Ordinance, at the time of purchase shall not <br /> exceed the limits set forth in Article 7. 14.4.2 . <br /> Qualifying buyers may also own up to $10, 000 in <br /> net assets, as defined in Article 22 of this <br /> Ordinance, at the time of purchase. <br /> ii) At least one member of a qualifying household <br /> must have lived or worked in Orange County for <br /> the past 12 months. <br /> b. The contract shall apply to each of the reserved <br /> lots, and shall continue to affect a particular lot <br /> for a minimum period of 15 years after the initial <br /> sale of that lot. <br /> c. There shall be no occupancy of the unit prior to its <br /> sale to a qualifying buyer. <br /> d. The contract shall include a timeline by which <br /> construction and sale of the reserved units will be <br /> accomplished. <br /> e. The resale price of any reserved housing unit shall <br /> not, at any time during the life of the contract, <br /> exceed the maximum amount affordable to the <br /> purchasing household. <br /> f. The maximum sale or resale price shall be determined <br /> by HCD, calculated by using HUD modeling for housing <br /> affordability. HUD modeling take into consideration <br /> assumptions such as interest rates, percentage of <br /> annual income allowed for housing, and amount of down <br /> payment. <br /> g. In the event that the financial status of the buyer <br /> significantly improves prior to the expiration of the <br /> contract period, the buyer may lease the unit, <br /> provided that the lessee and the lease are approved <br /> by HCD. HCD shall use the standards set forth in <br /> Article 7.14.4.4 to determine whether or not to <br />