S Grant Agreement Housing Trust Fund – Approve Transfer of Appropriation

Browse Search

• Habitat will have sole right and obligation to select a purchaser for the Dwelling Unit only from among Low Income Households who have received adequate orientation to,and who agree to honor and abide by the terms of both the Habitat Program and the OCHLT Program(hereinafter"Purchaser'). • Prior to closing, OCHLT agrees to execute its standard Offer to Purchase and Contract, using the form in Exhibit C, attached,and on the closing date, OCHLT will execute a ground lease with the buyer, using the form in Exhibit D,attached,and will convey title to improvements to.the buyer using the deed attached as Exhibit E. Habitat's staff w d legal council may review Exhibits C, D, and E,at Habitat's expense,and suggest amendments. Habitat understands, however,that OCHLT may choose not to amend Exhibits C,D, and E as these documents represent the"core"of OCHLT's program ' • In future re-sales of the home, the resale price will be calculated based upon the urmula contained in the OCHLT Ground Lease,rather than according to Habitat's appreciation schedule. • Mortgage financing for Purchaser's acquisition of the Dwelling Unit and the OCHLT Ground Lease Agreement will be provided to Purchaser by Habitat on terns agreeable to Purchaser and Habitat(hereinafter"Mortgage Financing')- • If additional subsidy for this project is sought from the municipal governments, the OCHLT and Habitat agree to jointly request that the fluids be given in the form of a grant to the Project rather than as a second mortgage to the homeowner. 2. Habitat and OCHLT will together be responsible for implementing the Project in compliance with the provisions of the Performance regarding Purchaser. OCHLT will be responsible fo p a�ing the Pro�>eligibility with Provisions of the Performance Agreement regarding continuing affordability. Not withstanding this provision,HHOC intends to include language in its agreement with OCHLT and with Purchaser, which describes its option to nominate fixture purchasers of The . Property in the event of resale. OC UT shall honor such nominations, if so made, to the extent they do not conflict with the other terms of this agreement. . 3. The Construction Contract shall: • Include building specifications for the Dwelling Unit that are satisfactory to both parties. • Include site-planning specifications that are satisfactory to both pantie& • Require Habitat to carry builder's insurance - • Be for an amount equal to the Purchase Price as described below. 4. OCHLT agrees to provide Habitat with access to the Property"as is"for the purpose of constructing a Dwelling Unit in accordance with the Habitat Program, subject to the tam of this MOU. Habitat and OCHLT hereby acknowledge and agree: • That if the Property does not meet current County/City building lot requirements, the responsibility for obtaining necessary permits or zoning variances, together with any and all fees, site design,civil engineering and/or infrastructure installation costs associated with obtaining such variances and any other required permits shall be borne by Habitat and included in the Project Development Expenses attached hereto as Exhibit F. 3