2001 S Housing - Community Development Block Grant Award Richmond Hills Infrastructure

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aooK2199 PAGE394 families with incomes that do not exceed 50% of the area median household income. The remaining seven (7) families must have incomes that do not exceed 70% of the area median household income. c. The CDBG funding provided by the County will be provided as a grant. d. The period of affordability will be 99 years as described in the documents related to the 1997 Orange County Housing Bond aspect of this project which documents are recorded in the Orange County Registry as follows: (1) Development Agreement in Book 2087/Page 205, (2) Declaration of Restrictive Covenants in Book 2087/264, and (3) Deed of Trust in Book 2087/Page 271. e. Habitat is responsible for soliciting buyers for the dwelling units constructed on the Property. Habitat andlor its buyers shall be responsible for securing permanent mortgage financing for the homes built on the Property. f. Habitat is responsible for verifying the income of the homebuyers, explaining the affordability requirements and certifying by written documentation signed by the homebuyer that the program requirements have been fully explained. Habitat shall maintain purchaser files as part of its Books and Records as required and for the period of time required by Section 6.c. of this Agreement. 2. Progress Payments. The County shall make progress payments, when requested by Habitat, as the work progresses. Payments shall be based upon work completed and approved by County. Progress payment requests shall be based on actual costs incurred by Habitat identified in the Project Budget as described in July 2000 Housing Development Application. Payment requests shall be accompanied by copies of documentation for actual expenses. Request amounts shall be verified by the County for satisfactory completion prior to payment. 3. Time for Commencement and Completion. Actual construction must begin within six months of the date of this Agreement and must be completed by December 31, 2002. Habitat will be responsible for providing status reports to the County quarterly detailing the project activities until project completion. In addition, Habitat agrees to furnish to the County a copy of its annual audit, performed by a certified public accountant within 90 days of the end of each fiscal year until the Project is complete. The Project completion date is the closing date of the purchase by a qualified buyer of the last of the twenty-five units to be constructed for first time homebuyers. In the event that Habitat is unable to proceed with any aspect of the Project in a timely manner, and County and Habitat determine that reasonable extension(s) far completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) shall pertain. Habitat may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declare Habitat in default. Habitat shall monitor the constructed units for affordability for the period of affordability 2