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53 <br /> Program Specific Requirements <br /> AP-90 Program Specific Requirements - 91.420, 91.220(1)(1,2,4) <br /> Introduction <br /> The Orange County HOME Consortium receives an annual allocation of HOME funds. Since the Orange <br /> County HOME Consortium receives this Federal allocation, the questions below have been completed as <br /> they are applicable. <br /> HOME Investment Partnership Program (HOME) <br /> Reference 24 CFR 91.220(1)(2) <br /> 1. A description of other forms of investment being used beyond those identified in <br /> Section 92.205 is as follows: <br /> The Orange County HOME Consortium uses cash as its local match for HOME funds. Orange <br /> County also contributes financially to administrative costs for the operation of the program. <br /> 2. A description of the guidelines that will be used for resale or recapture of HOME funds <br /> when used for homebuyer activities as required in 92.254, is as follows: <br /> All properties receiving financial assistance from Orange County for homeownership activities <br /> must ensure that the housing remain affordable to families with incomes of 80% or less of the <br /> area median for at least 99 years from the date of initial assistance. <br /> Right of First Refusal <br /> A right of first refusal or right to purchase is accomplished by means of a Declaration of Restrictive <br /> Covenants on the property purchased by the first-time homebuyer. Any assignment, sale, <br /> transfer,conveyance,or other disposition of the property will not be effective unless the following <br /> procedures are followed. <br /> If the original homebuyer or any subsequent qualified homebuyer contemplates a transfer to a <br /> non-low-income household,the buyer must send Orange County and/or the sponsoring nonprofit <br /> organization a notice of intent to sell at least 90 days before the expected closing date. If Orange <br /> County and/or the sponsoring nonprofit organization elect to exercise its right of refusal, it will <br /> notify the buyer within 30 days of its receipt of the notice and will purchase the property within <br /> 90 days. <br /> If neither Orange County nor the sponsoring nonprofit organization advises the buyer in a timely <br /> fashion of its intent to purchase the property, then the Buyer is free to transfer the property in <br /> accordance with the equity sharing provisions described below. <br /> Annual Action Plan 44 <br /> OMB Control No:2506-0117(exp.07/31/2015) <br />