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13 <br />10 <br />Community Home Trust Charter <br />Attachment A <br />CHT Inclusionary Housing Responsibilities <br />A. Working with private sector developers <br />1. CHT staff works with Town staffs and developers on pricing, <br />siting and other aspects of affordable housing within proposed <br />developments that include ownership housing <br />2. CHT does not purchase inclusionary homes from developers <br />until an income - eligible buyer is able to secure financing and <br />close on the property; <br />3. CHT typically purchases a fee simple interest in real estate <br />from developers and simultaneously conveys a leasehold <br />interest to income - eligible buyers; <br />4. CHT is responsible for obtaining and understanding legal <br />documents that will impact our homeowners. This typically <br />includes advice from our attorney; <br />5. CHT assists buyers with property inspections and necessary <br />pre - purchase repairs. <br />B. Managing the initial sale of inclusionary homes <br />1. CHT is responsible for educating prospective home buyers and <br />offering financial counseling to both buyers and current <br />homeowners; <br />2. CHT engages in outreach activities necessary to create <br />awareness of home - buying opportunities. These activities <br />include advertising, visiting with employers, electronic <br />distribution of marketing materials, social media and more. <br />3. CHT collects income and other pertinent data from applicants <br />to determine their eligibility for our program; <br />4. CHT works with buyers and lenders willing to make loans to <br />those buyers to secure mortgage financing; <br />5. CHT is responsible for securing necessary subsidies to enable <br />income - eligible buyers to afford our homes. This requires <br />working with the Orange County and the Towns of Chapel <br />Hill, Carrboro and Hillsborough and agencies that provide <br />subsidy to our homebuyers; <br />Approved draft March 8, 2014 <br />