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Finance Agency Energy Standards. The Project shall be undertaken without residential <br /> displacement. HOME funds will be used for costs associated with the acquisition of the <br /> building lot designated for constructing the dwelling unit that will be placed in the CLT. <br /> OCHLT has indicated plans to partner with Habitat for Humanity of Orange County, NC <br /> to complete this project as evidenced by a Memorandum of Understanding between <br /> Habitat and OCHLT that is incorporated into this document as Exhibit B. <br /> Notwithstanding, development of the Property remains the responsibility of Orange <br /> Community Housing and Land Trust. <br /> b. OCHLT shall convey the housing unit to a qualified homebuyer with incomes up <br /> to 80% of the area median household income by family size, as determined by the U.S. <br /> Department of Housing and Urban Development at the time of the sale. The housing unit <br /> will consist of a 99-year ground lease (renewable for an additional 99 years) to the <br /> Property and a warranty deed to the improvements on the Property. <br /> C. The period of affordability will be 99 years and will be secured by an OCHLT <br /> Ground Lease with restrictions to ensure compliance. Further security shall be in the <br /> form of a Declaration of Restrictive Covenants that will make the County a third party <br /> beneficiary of and successor to the long term affordability remedies in the Ground Lease <br /> in the event of a failure of or inability of OCHLT to enforce the long-term affordability <br /> remedies in the Ground Lease. <br /> d. OCHLT is responsible for soliciting a buyer.for the housing unit. OCHLT and/or <br /> its buyer shall be responsible for securing permanent mortgage financing for the home <br /> built on the Property. <br /> e. OCHLT is responsible for verifying the income of the homebuyer, explaining the <br /> grant program to potential homebuyers and certifying by written documentation signed <br /> by the homebuyer that the program requirements have been fully explained. OCHLT <br /> shall maintain purchaser files as part of its Books and Records as required and for the <br /> period of time required by Section 7.c. of this Agreement. <br /> f. HOME funds will be used for the costs associated with the acquisition of the <br /> Property. The HOME assisted housing unit must be the principal residence of the first- <br /> time homebuyer. <br /> 2. Progress Payments. The County shall make progress payments, when requested by <br /> OCHLT, as the work progresses. Payments shall be based upon work completed and <br /> approved by County. Progress payment requests shall be based on actual costs incurred <br /> by OCHLT identified in the Budget as described in the Project. Payment requests shall be <br /> accompanied by copies of documentation for actual expenses. Request amounts shall be <br /> verified by the County for satisfactory completion prior to payment. <br /> 3. Time for Commencement and Completion. OCHLT shall commence the work by <br /> March 1, 2003 and complete construction and sale of the townhouse within eighteen (18) <br /> months of execution of this Grant Agreement. Additionally, OCHLT will be responsible <br />