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3 <br />1. Create and maintain homes that are affordable for purchase by low and <br />moderate income households; <br />2. The CHT Board of Directors is responsible for the financial health and well- <br />being of the organization to ensure the organization is well managed and able <br />to meet the expectations of County and Towns; <br />3. The CHT Board of Directors will hire, periodically evaluate and, as <br />necessary, replace the organization's Executive Director; <br />4. Sell homes using the community land trust (CLT) model, wherein homes are <br />conveyed to buyers using a 99 -year ground lease. The CLT model enables <br />homes to remain affordable to future generations of low and moderate <br />income households. CHT will be expected to continually revise its model to <br />meet changing circumstances and to reflect best practices. <br />5. Advocate for affordable housing policies at the local, state and national <br />levels. <br />6. Create affordable housing opportunities, whether through purchase and <br />rehab, or otherwise, that is outside the inclusionary housing realm. <br />7. Implement and manage inclusionary housing programs as requested by <br />Towns and County. This requires a wide variety of tasks and responsibilities, <br />typically including, but not exclusively, or limited to, those tasks listed in <br />Attachment A, CHT Inclusionary Housing Responsibilities. <br />D. CHT Funding - In order to successfully perform its roles and responsibilities, CHT <br />requires financial operating support from County and Towns. The County and Towns <br />agree that their annual funding of CHT will gradually grow and annually be adjusted, <br />starting in fiscal 2015 -16, from their fiscal 2014 -15 levels (Orange County $149,000, <br />Town of Chapel Hill $200,000, Town of Carrboro $35,000 and Town of Hillsborough <br />$2,500) to allow CHT to maintain a minimum required operating cash balance. <br />CHT's minimum required operating cash balance will be the sum of the industry - <br />standard six months of operating expenses ($350,000 as of July 1, 2014) plus special <br />project reserves necessary for CHT to safeguard its portfolio of homes ($550,000 as <br />of July 1, 2014). Each year, CHT will re- determine these amounts and include them <br />in its budget proposal. <br />The County and Towns agree that increases in operating funding are warranted to <br />enable CHT to remain a financially sound and viable entity. County and Towns <br />further agree that the CHT budget will include CHT staff compensation based upon <br />compensation paid by County and Towns. <br />Although it is recognized that each local government will vote independently to <br />approve this Charter, it is expected that each jurisdiction will approve the same <br />funding formula. Furthermore it as agreed that funding will be determined as <br />follows: <br />1. CHT agrees to generate a portion of its own funding each year. The <br />principal sources of this revenue are fees from sales of new homes added to <br />Approved draft March 8, 2014 <br />