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4. Continuing to appoint a representative from each jurisdiction to the Community Home <br />Trust board of directors (Section III.B) <br />5. Identification of responsibilities of the Community Home Trust (Section III.C), and the <br />partner jurisdictions (Section III.D); <br />6. Agreement on an annual funding formula based on the ratio of Community Home <br />Trust homes to the total number of the organization's homes (Section III.D.3); <br />7. Agreement to allow Community Home Trust to provide an unrestricted fee simple deed <br />of trust to lenders of Home Trust homes. In short, if a home is foreclosed upon, the <br />Town's and County agree to cancel all affordability restrictions recorded against the <br />property. This would increase the lending options to buyers. (Section III.D.5a.). <br />8. Agreement that homes subsidized by local funds may be resold to households earning <br />up to 115% of the area median income without repaying the funds (Section III.D.5.b); <br />and <br />9. Agreement that homes could be sold out of the Community Home Trust inventory <br />upon approval of the Manager (Section III.D.5.c). <br />Since the agreement would be reviewed annually, the staffs from each jurisdiction would <br />continue to work with the Community Home Trust to evaluate the funding formula and the <br />current model for homeownership. If identified, alternative models will be brought forward to the <br />Board for consideration. <br />FINANCIAL IMPACT: Based on the proposed formula, the County's annual financial <br />contribution will be 33% of the approved funding needs of the Community Home Trust. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the Interlocal <br />Agreement and authorize the Manager to execute the same. <br />