Agenda - 11-21-2013 - 1 - Laserfiche WebLink

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Attachment VIII 33 Section III. Agreement A. Term of Agreement - The term of this Agreement begins with the effective date of January 1, 2014 and ends June 30, 2014. It is expected that this agreement or an amended version of this agreement will be renewed on an annual basis beginning July 1, 2014. It is recognized that the funding portions of this agreement will not take effect until at least July 1, 2014. B. CHT Board Representation - County and Towns are entitled to appoint a representative to the board of directors of CHT. According to the CHT bylaws, one -third of the board of directors will be CHT homeowners, one -third will be appointed persons (by County, Towns and the University of North Carolina at Chapel Hill (hereinafter UNC), and one -third of the directors will be members of the community who support the work of CHT. County and Towns' appointees to the board of directors enable County and Towns to remain informed of the work of CHT and in fact, to exert influence over that work. C. Responsibilities and Expectations of CHT - Since 2003, CHT's work load has been dominated by the implementation of inclusionary housing programs, particularly in the Towns of Chapel Hill and Carrboro. In the future, CHT may also manage inclusionary housing in the Town of Hillsborough. CHT can also serve in this same role for the County. As a result of inclusionary housing, CHT's inventory of affordable homes has increased from one home in 2000 to more than 210 homes as of the date of this agreement. It is agreed that CHT's primary roles and responsibilities are the following: I. Create and maintain homes that are affordable to low and moderate income households. Low income households earn 80% or less of the area median income as provided by HUD. Moderate income households earn no more than 115% of area median income; 2. The CHT board is responsible for the health and well -being of the organization and will ensure the organization is well managed and able to meet the expectations of County and Towns; 3. The CHT board of directors will hire, periodically evaluate and, if necessary, replace the organization's executive director; 4. Sell homes using the community land trust (CLT) model, wherein homes are conveyed to buyers using a 99 -year ground lease. CHT will be expected to continually revise its model to meet changing circumstances and to reflect best practices. 5. Advocate for affordable housing policies at the local, state and national levels. 6. Implement and manage inclusionary housing programs as requested by Towns and County. This requires a wide variety of tasks and responsibilities, including, but not exclusively, the following: 2