Orange County NC Website
Browse       Search
6 <br /> applicable building and zoning ordinances. HOME funds will be used for development <br /> costs for constructing the dwelling units that will be placed in the CLT. <br /> b. OCHLT shall sell the newly constructed dwelling units to qualified buyers whose <br /> income up to 80% of the area median household income by family size, as determined by <br /> the U.S. Department of Housing and Urban Development at the time of the sale. <br /> C. The period of affordability will be 99 years and will be secured by a CLT Land <br /> Lease with restrictions to ensure compliance. Further, a Declaration of Restrictive <br /> Covenants will be recorded that will incorporate a right of first refusal that may be <br /> exercised by OCHLT and/or Orange County. <br /> d. OCHLT is responsible for soliciting buyers for the dwelling units constructed on <br /> the Property. OCHLT and/or its buyers shall be responsible for securing permanent <br /> mortgage financing for the homes built on the Property. <br /> e. OCHLT is responsible for verifying the income of the homebuyers, 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 as part of OCHLT's construction budget. HOME <br /> assisted units must be the principal residence of the first-time homebuyer. All units, five <br /> or more, that include assistance with HOME funds, will have a HOME assisted unit <br /> designation. <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 attached Exhibit B. Payment requests <br /> shall be accompanied by copies of documentation for actual expenses. Request amounts <br /> shall be verified by County for satisfactory completion prior to payment. <br /> 3. Time for Commencement and Completion. OCHLT shall commence the Work <br /> immediately following execution of contract and complete construction and sale of the <br /> townhouse within eighteen (18) months of execution of contract. Additionally, OCHLT <br /> will be responsible for providing status reports to the County quarterly detailing the <br /> project activities until project completion. <br /> The project completion date is the closing date of the purchase by a qualified buyer of the <br /> last of the 32 units to be constructed for first time homebuyers. In the event that OCHLT <br /> is unable to proceed with any aspect of the project in a timely manner, and County and <br /> OCHLT determine that reasonable extension(s) for completion will not remedy the <br /> situation, then the Termination of Agreement provisions of this Agreement (Section 6.a.) <br /> 6 <br />