2013-443 Housing - Habitat for Humanity for Affordable Housing Bond Program $144,304

Browse Search

H. AMOUNT OF BOND FUNDS/LOAN TERMS The County shall make available to the Owner up to One Hundred Forty-Four Thousand Three Hundred Four Dollars ($144,304) pursuant to this Agreement. Said funds shall be disbursed by the County to the Owner for performance of the services described in Exhibit B. The Orange County Affordable Housing Bond Loan funding will be provided in the form of a direct zero interest loan deferred for a period of 30 years. Loan funds will be secured by a Deed of Trust and Promissory Note. III. LIEN POSITION Orange County hereby acknowledges that the terms and conditions of its (i)Affordable Housing Bond Development Agreement, (ii) Promissory Note and (iii) Deed of Trust and Security Agreement(collectively referred to as "Orange County Loan Documents") for the Property shall be and are expressly subordinated to the following exceptions to title that encumber the property: (1) Declaration of Restrictive Covenants recorded in Book 2186, Page 213, Orange County Registry and (2) Declaration of Restrictive Covenants, Conditions and Restrictions for Rusch Hollow Subdivision recorded in Book 3619,Page 171, Orange County Registry. IV. TIMELINESS The Owner shall complete the Project within twelve (12) 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 Rights 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. V. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability established below. VI. AFFORDABILITY REQUIREMENTS Owner agrees to lease the Project dwelling units to families whose income does not exceed 80% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and as 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 Section of this Agreement pertain. The Owner shall assure compliance with affordability of each of the 2