Orange County NC Website
Browse       Search
the CHT portfolio. CHT staff will provide input on any affordable housing <br /> proposals or options if requested by the Towns or County. <br /> b. The County and Towns agree to consult with the CHT staff prior to implementing <br /> policies or regulations that will impact CHT's work. <br /> 5. Operating Guidelines <br /> a. Unrestricted Fee Simple Deed of Trust <br /> The Towns and the County agree to allow use of an unrestricted fee simple deed of <br /> trust on CHT properties to facilitate greater lending options to CHT buyers. If a CHT <br /> home is foreclosed upon, the Towns and County agree to cancel all affordability <br /> restrictions recorded against the property and the home would be sold by the lien <br /> holder on the open market. <br /> b. Resale of CHT homes <br /> A CHT home subsidized by local or Community Development Block Grant funds <br /> may be resold to households earning up to 115% of the AMI without a requirement of <br /> repaying local funds. Homes sold to households earning up to 115% of AMI will <br /> continue to be required to maintain the affordability requirements consistent with the <br /> elected bodies at that time. <br /> CHT will notify the appropriate jurisdiction prior to exercising this provision and will <br /> report the resale in its quarterly reports. <br /> c. Selling CHT homes out of the affordable housing inventory <br /> The Towns and County acknowledge that there could be properties that the CHT <br /> would want to sell from its inventory. Prior to selling a home out of its inventory, the <br /> CHT would consult with the appropriate jurisdiction(s) to discuss the challenges of <br /> the property and options for consideration (i.e. subsidy repayment, legal implications <br /> with Special/Conditional Use Permits)he Towns and County agree that the Managers <br /> shall have the authority to approve sale of homes outside of the affordable housing <br /> inventory and will notify its elected officials. <br /> Section IV. Execution <br /> A. All governing boards have duly approved this Agreement and pursuant to such approval <br /> and the proper officials having signed this Agreement. The parties hereto agree to be <br /> bound by the provisions herein set forth. The terms and provisions of this Agreement are <br /> authorized by applicable laws and regulations. <br /> The County and Towns have authorized this Agreement to be duly executed under seal and have <br /> set their hands and seals on the day and year specified below. <br />