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

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Attachment VIII 34 a. CHT staff works with developers on pricing, siting and other aspects of affordable housing within proposed developments that include ownership housing; b. CHT is responsible for the initial sales of affordable housing units and securing necessary subsidies; this requires executing purchase contracts with both developers and home buyers; c. CHT typically purchases a fee simple interest in real estate from developers and simultaneously conveys a leasehold interest to income - eligible buyers; d. CHT does not purchase inclusionary homes from developers until an income - eligible buyer is able to secure financing and close on the property; e. CHT is responsible for educating prospective home buyers and offering financial counseling to both buyers and current homeowners; f In 2007, CHT informed County and Towns that the organization faced challenges regarding long -term affordability and long -term maintenance of its housing inventory; g. Since 2007 CHT has worked to ensure the long -term maintenance of its affordable homes by collecting monthly stewardship fees from its homeowners. Stewardship funds, which are segregated from operating funds, are designed to pay for big- ticket maintenance items such as new roofs and HVAC replacement; h. Since more than 100 CHT homes were sold prior to the start of the stewardship program, these homes did not have stewardship funds available until they resold (some have still not resold). As of the date of this agreement, approximately 66 of CHT's homes still are not in the stewardship program; i. As the pre - stewardship homes resell, CHT is obliged to seed the stewardship accounts for the new buyers; j. CHT manages three homeowner associations in which all the homes are within the affordable housing inventory. As of the date of this agreement these associations are: Legion Road Townhomes, Rosemary Place Townhomes and Greenway Condominiums; k. CHT works with homeowner associations and management companies that manage inclusionary neighborhoods in which the affordable homes represent only a small portion of all the homes in the association. These are neighborhoods such as Larkspur, Vineyard Square, Claremont, etc. CHT seeks to ensure assessments are paid and that regulations are evenly enforced;