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D /�p rr <br /> R/ 8 <br /> following events: 1) foreclosure, 2) transfer in lieu of foreclosure, or 3) <br /> assignment of an FHA insured mortgage to HUD. OCHC shall assure compliance <br /> with affordability of HOME assisted units through the CLT Land Lease <br /> Agreement restrictions and by recording Exhibit C "Declaration of Restrictive <br /> Covenants" on every HOME assisted property. <br /> 6. Resale Provisions. OCHC shall assure compliance with affordability of HOME <br /> assisted units through the CLT Land Lease resale restrictions. The CLT Land <br /> Lease agreement shall include at least the following elements in their resale <br /> provisions for the Improvements: <br /> 6.1 If the original Homebuyer no longer uses the Improvement as a principal <br /> residence or is unable to continue ownership, then the Homebuyer must <br /> sell, transfer, or otherwise dispose of its interest in the Improvement only <br /> to a low-income household, one whose combined income does not <br /> exceed 80% of the median household income as determined annually by <br /> HUD, to use as their principal residence. <br /> 6.2 The original Homebuyer shall receive a fair return on investment (including <br /> the Homebuyer's investment and any capital investment). <br /> 6.3 The resale provision shall remain in effect for the full HOME affordability <br /> period —99 years. <br /> 7. Property Standards. HOME assisted units must, at a minimum, meet the <br /> housing quality standards of the HOME program 24 CFR 982.401. In addition, HOME <br /> assisted units must meet all applicable local codes, ordinances, and zoning ordinances. <br /> The housing must meet the accessibility requirements in the regulations <br /> referenced 24 CFR 5.105 (a) which implement the Fair Housing Act and Section 504 of <br /> the Rehabilitation Act of 1973. <br /> 8. Miscellaneous Provisions. <br /> a. Termination of Agreement. The full HOME benefit of the Scarlette project <br /> will be realized only after the completion of the HOME affordability periods for all <br /> properties constructed with HOME funds provide affordable units to low-income <br /> families. It is the County's intention that the full public benefit of this project shall be <br /> completed under the auspices of OCHC for the HOME assisted units as follows: <br /> i. In the event that OCHC is unable to proceed with any aspect of the <br /> Scarlette Drive project in a timely manner, and County and OCHC determine <br /> that reasonable extension(s) for completion will not remedy the situation, then <br />