2001 S Housing - Public Housing Agency (PHA) Plan Section 8 Existing Housing Program

Browse Search

this provision will constitute an Event of Default as defined in Paragraph 6b. of this agreement. 3. The County and EmPOWERment agree to comply with the Act, its regulations and Federal Program Requirements in the purchase and sale of the Property. The County and EmPOWERment further agree to comply with the provisions of the Funding Approval and HOME Partnership Agreement dated August 1, 2000 and hereby incorporated into this Agreement. 4. Affordability Requiremen~ Each unit must remain affordable for a period of ninety- nine years. EmPOWERment retains full responsibility for compliance with the affordability requirement for assisted units, unless affordability restrictions are terminated due to the sale of the Property to a non-qualified buyer in which event the Resale Provisions of Section 5 of this Agreement pertain. EmPOWERment shall assure compliance with affordability of assisted units by having recording, at the time it sells a dwelling unit, a"Declaration of Restrictive Covenants" (EXHIBIT B) on the Property. This Declaration shall constitute and remain a first lien on the Property during the period of affordability. It is further the responsibility of EmPOWERment to rerecord the Declaration of Restrictive Covenants no later than one day before the expiration of 30 years of the date of sale of each dwelling unit in the event the homeowner purchasing the property from EmPOWERment is still the owner of the dwelling unit at the time of the re-recording. County retains the right to periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants on the Property to register, with the Register of Deeds of Orange County, a notice of preservation of the Restrictive Covenants on the Property as provided in North Carolina General Statute § 47B-4 or any comparable preservation law in effect at the time of the recording of the notice of preservation. It is the intent of this Section of this Agreement that the 99 year affordability requirement contained herein be accomplished and that EmPOWERment and the County will do what is necessary to ensure that the same is not extinguished by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. Both EmPOWERment and County agree to do what each must do to accomplish the 99 year affordability requirement. 5. Resale Provisions. Habitat shall assure compliance with affordability of assisted units through the Declaration of Restrictive Covenants. The Declaration of Restxictive Covenants shall include at least the following elements in their resale provisions for the Improvements: 5.1 If the buyer no longer uses the Property as a principal residence or is unable to continue ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in the Property only to a qualified homebuyer, i.e., a low-income household, one whose combined income does not exceed 80% of the area median household income by family size, as determined by the U.S. Department of