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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 renters may also own up to $ 5,000 in net <br />assets, as defined in Article 22 of this Ordinance, at the time of <br />initial rental. <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 />iii) Families whose income increases above the eligibility <br />requirements may continue to occupy the rental unit, unless <br />otherwise required through terms of the rental agreement <br />between the lessor and lessee. <br />b) Every change in occupancy during the 15 -year term of the* contract <br />shall be approved by HCD to assure continued compliance with <br />eligibility criteria. <br />C) The maximum rent allowed shall be computed by multiplying the <br />applicable percentage of median income by the value of median <br />income at the time of the transaction, then multiplying the resulting <br />value by the maximum percentage of income spent for housing, as <br />recommended by the mortgage banking industry. <br />The value for median income used in calculating maximum allowable <br />rent shall be adjusted to reflect the maximum family size appropriate <br />for the number of bedrooms, as determined by HCD. <br />6.28.5 Disclosure of Contract Terms to Potential Home - Buyers <br />a) Staff from the Planning .Department and the Department of Housing <br />and Community Development shall meet with the prospective buyer <br />prior to the purchase to assure that all terms of the contract are fully <br />understood. Explanation of the terms of the contract shall include the <br />following implication: <br />Building permits for the improvements to the structure may be <br />obtained if the owner wishes to' remodel or construct an <br />addition, or construct accessory structures. However, there is <br />no assurance that the investment will be regained if the unit is <br />sold prior to the expiration of the contract due to the <br />requirement that it be purchased by a moderate income <br />household. <br />b) Home - ownership counseling shall be made available to first -time <br />buyers to provide information on such topics as insurance and <br />maintenance. The counseling shall be provided by the Department of <br />Housing and Community Development. <br />6.28.6 Conveyance of Property to Orange County <br />Land donated to Orange County pursuant to Article 6.28.2.d to enable a <br />developer to obtain a density bonus shall be donated in trust for the purpose <br />of the development of affordable housing. An agreement between the <br />developer and Orange County and the instruments of conveyance shall <br />insure this trust as determined by the County Attorney. <br />6 -54 <br />