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Agenda - 10-04-2016 - 7-b (added) - Downtown Housing Improvement Corporation, Inc.’s (DHIC) Request to Reduce OC’s 99 Year Affordability Period for the Greenfield Place Project to 40 Years.
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Agenda - 10-04-2016 - 7-b (added) - Downtown Housing Improvement Corporation, Inc.’s (DHIC) Request to Reduce OC’s 99 Year Affordability Period for the Greenfield Place Project to 40 Years.
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10/5/2016 9:09:37 AM
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BOCC
Date
10/4/2016
Meeting Type
Regular Meeting
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Agenda
Agenda Item
7b
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Minutes 10-04-2016
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\Board of County Commissioners\Minutes - Approved\2010's\2016
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4 <br /> Land Trust Model <br /> The Land Trust model utilizes a non-profit, community based organization known as a <br /> Community Land Trust (CLT) whose purpose is to acquire land and make it available to <br /> individual families and others, such as cooperatives, through a long-term lease for a term <br /> up to 99 years. The leaseholders or homebuyers do not hold title to the land - the title is <br /> retained by the CI,,T - they own the improvements or housing units/structures on the land. <br /> The benefits of this model include the ability of the CLT to provide first-time <br /> homeownership opportunities for the initial buyer as well as protection of affindability <br /> for future residents in the sale of buildings and other improvements on the land, The <br /> land lease gives the cur the first option to purchase the home, when and if it is sold., at <br /> an affordable price set by a resale fOrmula. The resale formula gives homeowners a fair <br /> return for their investment, while keeping the price of the housing units/structures <br /> affordable for future residents,. <br /> ILL New and Existing First-Time Homebuyer Programs <br /> A. Period of Affordability. <br /> All properties supported by County financial resources for the purpose of facilitating <br /> homeownership must remain affordable to families at or below 80% of median income <br /> for a minimum of ninety-nine (99) years from the date of initial assistance. <br /> B. Right of First Refusal <br /> A right of first refusal or right to purchase is accomplished by means of a Declaration of <br /> Restrictive Covenants on the property purchased by the first-time homebuyer. Any <br /> assignment, sale, transfer, conveyance, or other disposition of the Property or any part <br /> thereof whether voluntarily or involuntarily or by operation of law ("Transfer") shall not <br /> be effective unless and until the below-described procedure is Miowed. <br /> If the original homebuyer or any subsequent qualified homebuyer ("Buyer") <br /> contemplates a Transfer to a non low-income household as defined herein, Buyer shall <br /> send to Orange County and/or the sponsoring non-profit organization, not less than 90 <br /> days prior to the contemplated closing date of the Transfer, a "Notice of Intent to Sell." <br /> This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br /> executed bona fide offer to purchase the Property on the then current North Carolina Bar <br /> Association "Offer to Purchase and Contract" form. If Orange County and/or the <br /> sponsoring non-profit organizations elects to exercise its said right of refusal, it shall <br /> notify the Buyer of its election to purchase within 30 days of its receipt of the Notice and <br /> shall purchase the Property or portion thereof within 90 days of the receipt of the "Notice <br /> of Intent to Sell." As between the County and the sponsoring non-profit organization, if <br /> both wish to and have the means to exercise the right of first refusal, the sponsoring non- <br /> profit organization shall have priority. <br />
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