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4 <br /> C. The property to be acquired must have a value that does not exceed 95% of <br /> the area median purchase price for that type of housing. <br /> Value must be established by one of the following methods: <br /> i. An appraisal by a qualified appraiser. <br /> ii. Tax assessments may be used to establish value, but only if they are <br /> current and can be computed at 100% of market value. <br /> d. Transfer of property that includes rehabilitation requires an appraisal by a <br /> qualified appraiser. If rehabilitation is required, the appraised value of the <br /> proerty after rehabilitation cannot exceed 95% of the median area house <br /> value. (Note, the property value — not purchase price — must be equal to or <br /> less than 95% of median purchase price.) The after rehabilitation value <br /> estimate must be completed prior to the investment of HOME funds. <br /> e. The period of affordability will be 99 years and will be secured by a Deed of <br /> Trust , Promissory Note, and Declaration of Restrictive Covenants that will <br /> incorporate a right of first refusal that may be exercised by EmPOWERment <br /> and/or Orange County. <br /> e. EmPOWERment agrees to lease the property to a family whose income does <br /> not exceed 80% of the area median income by family size, as determined by <br /> the U.S. Department of Housing and Urban Development and as amended <br /> from time to time. <br /> f. Any rental income in excess of the approved rental operations budget must be <br /> returned to Orange County at the end of the July 1 fiscal year annually. <br /> g. EmPOWERrment is responsible for verifying the income of prospective <br /> tenants and maintaining eligibiliy data. EmPOWERment shall maintain <br /> purchaser files as part of its Books and Records as required and for the period <br /> of time required by Section 6.c. of this Agreement. <br /> 4. Affordability Requirement. Each unit must remain affordable for a period of ninety- <br /> nine years. EmPOWERment retains full responsibility for compliance with the <br /> affordability requirement for assisted units, unless affordability restrictions are <br /> terminated due to the sale of the Property to a non-qualified buyer in which event the <br /> Resale Provisions of Section 5 of this Agreement pertain. EmPOWERment shall assure <br /> compliance with affordability of assisted units by having recording a "Declaration of <br /> Restrictive Covenants" (EXHIBIT C) on the Property. This Declaration shall constitute <br /> and remain a first lien on the Property during the period of affordability. <br /> It is further the responsibility of EmPOWERment to rerecord the Declaration of <br /> Restrictive Covenants no later than one day before the expiration of 30 years of the date <br /> of the purchasing the property in the event that EmPOWERment is still the owner of the <br />