Orange County NC Website
Browse       Search
DRAFT <br /> 7 <br /> fourteen (14) townhomes that will be placed in the CLT. The townhomes on that <br /> land shall remain affordable to low-income households (Homebuyer), households <br /> whose annual income is not greater than 80% of the median income for the area, <br /> as determined by HUD published area median income for a minimum of ninety- <br /> nine (99) years. <br /> 2. HOME Assisted Units Designation. HOME funds will be used as part of <br /> OCHC's Scarlette Drive construction budget. HOME assisted units must be the <br /> principal residence of the first time homebuyer, low-income household. All units, <br /> five or more, that include assistance with HOME funds, will have a HOME <br /> assisted unit designation. <br /> 3. Progress Payments. The County shall make progress payments, when <br /> requested by OCHC, as the work progresses. Payments shall be based upon <br /> work completed and approved by County. Progress payment requests shall be <br /> based on actual costs incurred by OCHC identified in the Budget as described in <br /> attached Exhibit B. Payment requests shall be accompanied by copies of <br /> documentation for actual expenses. Request amounts shall be verified by County <br /> for satisfactory completion prior to payment. <br /> 4. Time for Commencement and Completion. OCHC shall commence the Work <br /> immediately following execution of contract and complete construction and sale <br /> of the townhomes within eighteen (18) months of execution of contract. <br /> Additionally, OCHC will be responsible for providing status reports to the County <br /> quarterly detailing the project activities until project completion. <br /> Completion date shall be designated as the closing date of the purchase of the <br /> final Scarlette Drive property. OCHC may, at its option, submit a written request <br /> for a delay of completion for County approval. Any delay in the completion date <br /> shall be approved by County. In the event that OCHC is unable to proceed with <br /> any aspect of the project in a timely manner, and County and OCHC determine <br /> that reasonable extension(s) for completion will not remedy the situation, then the <br /> conditions of termination shall be in effect. <br /> OCHC shall monitor HOME assisted units for affordability for the period of <br /> affordability — ninety-nine (99) years. Final contract completion date shall be the <br /> latest end date of all HOME assisted unit affordability periods. <br /> 5. Affordability Requirement. HOME assisted units must remain affordable for <br /> period of ninety-nine years. OCHC retains full responsibility for compliance with <br /> the HOME affordability benefit for HOME assisted units, unless HOME <br /> affordability restrictions are terminated due to the occurrence of any of the <br />