2004 S Housing - Consolidated Housing Plan Annual Update/HOME Program Signed Agreement with Orange Community Housin & Land Trust Inc

Browse Search

WHEREAS, Orange Community Housing and Land Trust (OCHLT) is a designated Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A., Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- ti:me homebuyers; and WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any household earning up to 80% of HUD area median income that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation; and WHEREAS, OCHLT intends to purchase the Project dwelling units and make them available for sale to families earning up to 80% of HUD area median income as described in the O~CHLT 2004 and 2005 HOME Program Applications which applications are incorporated by reference into this Agreement. The OCHLT 2004 and 2005 HOME Program Applications are on file in the office of the Orange County Department of Housing and Community Development. WHEREAS, as particularly described herein, the Property will be held by OCHLT, ensuring affordability of the homes for at least 99 years; and WHEREAS, OCHLT has signed this Declaration agreeing to the terms of this Declaration, its obligations pursuant to this Declaration and agreeing to the terms of the Development Agreement between the County and OCHLT of even date; and NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: SECTION 1 REPRESENTATIONS, COVENANTS AND WARR.~NTIES OF OWNER OC;HLT hereby represents, covenants and warrants as follows: a. It is contemplated that the Property will be used, during the ninety-nine years after Project Completion, for owner-occupied housing to families earning up to 80% of HUD area median income. In the event Owner sells, transfers or exchanges the Property or any portion of the Property, the following shall pertain: Subject to the requirements of the DEVELOPMENT AGREEMENT, an unsigned copy of which is Exhibit B hereto, and this Declaration, OCHLT may sell, transfer, or exchange the Property to anon-profit fund, foundation, or corporation of like purpose which is organized and operated exclusively for charitable and educational purposes and which has established its tax exempt status under Section 501(c)(3) of the Internal Revenue Code, or to the County, but Owner shall notify in writing and obtain the agreement of any buyer or successor or other person 11