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14 <br />11 <br />6. CHT executes purchase contracts with both developers and <br />home buyers once a buyer is able to obtain financing; <br />7. If necessary, CHT pays a referral fee to Realtors who provide <br />an income - eligible buyer who closes on a CHT property; <br />C. Serving as a property manager <br />1. In 2007, CHT informed County and Towns that the <br />organization faced challenges regarding long -term <br />affordability and long -term maintenance of its housing <br />inventory; <br />2. Since 2007 CHT has worked to ensure the long -term <br />maintenance of its affordable homes by collecting monthly <br />stewardship fees from its homeowners. Stewardship funds, <br />which are segregated from operating funds, are designed to <br />pay for big- ticket maintenance items such as new roofs and <br />HVAC replacement; <br />a. CHT administers the stewardship program, wherein <br />homeowners seek access to stewardship funds. <br />b. Since more than 100 CHT homes were sold prior to the <br />start of the stewardship program, these homes did not <br />have stewardship funds available until they resold. <br />Some of those homes have still not resold and are still <br />not participating in the stewardship program. As of <br />early 2014, approximately 66 of CHT's homes still are <br />not in the stewardship program; [Note: it has been <br />suggested that CHT should entice some of these <br />homeowners into the stewardship program with a <br />generous incentive.] <br />c. As the pre- stewardship homes resell, CHT is obliged to <br />seed the stewardship accounts for the new buyers. <br />These funds typically are provided as subsidy when <br />homes resell. <br />3. As of early 2014, CHT manages three homeowner <br />associations in which all the homes are within the affordable <br />housing inventory. These associations are Legion Road <br />Townhomes, Rosemary Place Townhomes and Greenway <br />Condominiums; <br />4. It is expected that CHT will also serve as a property <br />manager of the Waterstone twnhomes in Hillsborough <br />when they are built; <br />Approved draft March 8, 2014 <br />