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15 <br />12 <br />5. CHT works with homeowner associations and management <br />companies that manage inclusionary neighborhoods in <br />which the affordable homes represent only a small portion <br />of all the homes in the association. These are <br />neighborhoods such as Larkspur, Vineyard Square, <br />Claremont, etc. CHT seeks to ensure assessments are paid <br />and that regulations are evenly enforced; <br />6. CHT works with homeowners, lenders and legal counsel <br />when owners are in default to prevent foreclosure; <br />7. CHT strives to prevent foreclosures by paying off bank <br />loans, terminating ground leases, and reacquiring properties. <br />Paying off bank loans requires that CHT maintain <br />substantial liquid reserves; <br />8. CHT occasionally is required to take legal action against <br />owners who are in breach of their ground lease; <br />D. Manage all resales of our inventory <br />1. CHT is responsible for all resales of homes within its affordable <br />housing inventory. As of early 2014, homeowners of these <br />homes do not pay a commission to CHT; <br />2. CHT oversees repairs to homes before reselling them to low and <br />moderate income buyers; <br />3. As with initial sales, CHT is responsible for outreach, marketing <br />and advertising activities necessary to obtain a buyer; <br />4. CHT is responsible for the same activities at resale as at the <br />initial sale; <br />5. CHT is responsible for financial management of its portfolio; <br />6. CHT collects data on sales, subsidy use, and buyer <br />demographics in order to better understand demand for specific <br />homes; analysis of this data allows us to better manage future <br />sales activity; <br />7. CHT will earn /raise a portion of its operating revenues through <br />earned income on home sales, property management fees, ground <br />lease fees, fundraising and other means permissible by the IRS. <br />Approved draft March 8, 2014 <br />