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i) Family income, as defined in Article 22 of this Ordinance, at the <br />time of purchase shall not exceed the limits set forth in Article <br />6.28.2. Qualifying buyers may also own up to $10,000 in net <br />assets, as defined in Article 22 of this Ordinance, at the time of <br />purchase. <br />ii) At least one member of a qualifying household must have lived <br />or worked in Orange County for the past 12 months. <br />b) The contract shall apply to each of the reserved lots, and shall <br />continue to affect a particular lot for a minimum period of 15 years <br />after the initial sale of that lot. <br />c) There shall be no occupancy of the unit prior to its sale to a qualifying <br />buyer. <br />d) The contract shall include a timeline by which construction and sale of <br />the reserved units will be accomplished. <br />e) The resale p rice of a ny reserved h ousing u nit s hall n ot, a t a ny time <br />during the life of the contract, exceed the maximum amount affordable <br />to the purchasing household. <br />f) The maximum sale or resale price shall be determined by HCD, <br />calculated by using HUD modeling for housing affordability. HUD <br />modeling takes into consideration assumptions such as interest rates, <br />percentage of annual income allowed for housing, and amount of <br />down payment. <br />g) In the event that the financial status of the buyer significantly improves <br />prior to the expiration of the contract period, the buyer may lease the <br />unit, provided that the lessee and the lease are approved by HCD. <br />HCD s hall u se t he standards s et forth in Article 6.28.4 to determine <br />whether or not to approve the lease. In addition, the term of the lease <br />shall be for a minimum period of two years. <br />h) Violation of any of the terms of the contract required by this ordinance <br />may constitute grounds for revocation of the Special Use Permit and <br />rezoning of the land, as provided in Article 7.9 of this Ordinance <br />Certificate of Occupancy. <br />6.28.4 Contract for Rental of Duplex or Multi - family Units <br />Approval of the Special U se P ermit, s ite p Ian, o r P reliminary P lat s hall n of <br />occur until there is a contract between the property owner or developer and <br />Orange County, which shall also be binding on future owners of the <br />development. The contract shall be administered by HCD, and shall include <br />the following provisions: <br />a) All rentals shall be approved by (HCD) to assure occupancy by <br />qualifying households in accordance with the following eligibility <br />criteria. <br />6 -53 <br />