Agenda - 04-21-2015 - 7b - Laserfiche WebLink

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M supported by County and Towns, this Agreement is intended to establish a shared set of expectations as to what affordable housing functions CHT will provide to County and Towns. The County and Towns recognize that a shared and agreed upon set of expectations and responsibilities will reduce uncertainties and allow County and Towns to best utilize the expertise and experience of CHT. Section III. Agreement. A. Term of Agreement - The term of this Agreement begins on July 1, 2015 and is may be renewed annually. B. CHT Board Representation by County and Towns — The governing bodies of the County and Towns are entitled to appoint a representative to the board of directors of CHT. According to the CHT bylaws, one -third of the board of directors will be CHT homeowners, one -third will be appointed persons (by County, Towns and the University of North Carolina at Chapel Hill (hereinafter UNC), and one -third of the directors will be members of the community who support the work of CHT. County and Towns' appointees to the board of directors enable County and Towns to remain informed of the work of CHT and in fact, to exert influence over that work. C. CHT Responsibilities It is agreed that CHT's responsibilities include the following: 1. Create and maintain homes that are affordable for purchase by low and moderate income households earning up to 115% of AMI; 2. The CHT Board of Directors is responsible for the financial health and well -being of the organization to ensure the organization is well managed and able to meet the expectations of County and Towns; 3. CHT agrees to generate a portion of its own funding each year. The principal sources of this revenue are fees from sales of new homes added to the portfolio, re- sales of homes already in the portfolio, ground lease fees and fundraising efforts. 4. The CHT Board of Directors will hire, periodically evaluate and, as necessary, replace the organization's Executive Director; 5. Sell homes using the community land trust (CLT) model, wherein homes are conveyed to buyers using a 99 -year ground lease. The CLT model enables homes to remain affordable to future generations of low and moderate income households. CHT will be expected to continually revise its model to meet changing circumstances and to reflect best practices. 6. Advocate for affordable housing policies at the local, state and national levels. 7. Create affordable housing opportunities, whether through purchase and rehab, or otherwise, that is outside the inclusionary housing realm. 8. Implement and manage inclusionary housing programs as requested by Towns and County. D. Responsibilities of the Towns and County 1. Annual Funding 5