2013-162 Housing - The ARC Orange County Housing Corp #4 FY 2010 HOME PROGRAM $150,000

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IV. TIMELINESS The Owner shall complete the Project within eighteen (18) months from the date of this Agreement. However, in the event of any alterations or additions or of circumstances beyond the control of the Owner, which in the opinion of the Director of the County's Department of Housing, Human Relations and Community Development will require additional time for completion of the Project, then in that case, the time of completion shall be extended by the County Manager in writing for a period of time not to exceed six (6) months. Any further extensions will require the approval of the Orange County Board of County Commissioners. IV. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability established below. V. AFFORDABILITY REQUIREMENTS Owner agrees to lease the Project dwelling units up to eight (8) low income families earning less than 50% of the area median income throughout the term of the 99 year period of affordability. Area Median Income by family size is determined by the U.S. Department of Housing and Urban Development and amended from time to time. Residential leases will not exceed one year in term. Each of the Project dwelling units must remain affordable for a period of ninety-nine years. The Owner retains full responsibility for compliance with the affordability requirement for each of the Project dwelling 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 this Agreement pertain. The Owner shall assure compliance with affordability of each of the Project dwelling units as provided in the Declaration on the Property. The Declaration shall constitute and remain a lien on the Property during the period of affordability. Owner agrees to the Affordability Requirements as provided in Section 3b and Resale Provisions as provided in Section 4B of the attached Declaration of Restrictive Covenants in Exhibit E. VI. OWNER PERFORMANCE UNDER THIS AGREEMENT Owner agrees and authorizes the County to conduct on-site reviews, examine client and contractor records, client applications and to conduct any other procedures or practices to assure compliance with these provisions. Owner agrees to not violate any State or Federal laws, rules or regulations regarding a direct or indirect illegal interest on the part of any employee or elected official of the Owner in the Project or payments made pursuant to this Agreement.