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For resale of Land Trust properties only, the following residency requirements apply. <br />1. For the first 90 days buyers must have lived or worked in Orange County for one (1) <br />year. <br />2. After 90 days on the market unsold, properties may be sold to buyers that have lived <br />or worked in Orange County for six months. <br />FINANCIAL IMPACT: No immediate financial impact is anticipated. However, should these <br />properties stay on the market for long periods of time, funding will be required to provide subsidy <br />for potential lower income buyers. <br />RECOMMENDATION (S): The Manager recommends that the Board approve the Orange <br />County Housing Bond Policy Amendment proposed by the Affordable Housing Advisory Board <br />in response to the Orange Community Housing and Land Trust request. <br />