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2 <br /> of area median income. However, a portion of the development agreement that describes the <br /> agency that could purchase the property would need to be modified. <br /> The current language describes the qualifying agency as an agency that exclusively serves <br /> families with incomes not exceeding 80% of area median household income: <br /> "If Owner no longer uses the Property as rental property or is unable to continue <br /> ownership, then the Owner must sell, transfer, or otherwise dispose of its interest in the <br /> Property only to an agency with similar interest in affordable housing and serve families <br /> with incomes not exceeding 80% of the area median household income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development at the time of <br /> transfer. The non-profit fund, foundation, or corporation of like purpose must have <br /> established its tax-exempt status under Section 501(c)(3) of the Internal Revenue Code." <br /> Since the Community Home Trust serves families who are purchasing properties with incomes <br /> up to 110% of area median income, the language would need to be broadened to allow the <br /> purchasing agency to serve other individuals and families up to 110% of area median income. <br /> Community Home Trust currently serves families with incomes under 80% of area median <br /> income but not exclusively. The language could be modified as follows to broaden the <br /> population served by the purchasing agency: <br /> "If Owner no longer uses the Property as rental property or is unable to continue <br /> ownership, then the Owner must sell, transfer, or otherwise dispose of its interest in the <br /> Property only to an agency with similar interest in affordable housing that serves families <br /> with incomes under 80% of the area median household income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development at the time of <br /> transfer. The non-profit fund, foundation, or corporation of like purpose must have <br /> established its tax-exempt status under Section 501(c)(3) of the Internal Revenue Code." <br /> The Community Home Trust has done due diligence on the property and has reported the <br /> following: <br /> 1. The property has been losing money for the past several years; <br /> 2. The Owners have drawn down their operating reserves by more than 50%; <br /> 3. An inspection revealed the need for several immediate repairs —with an estimated cost of <br /> about $50,000; <br /> 4. Community Home Trust is commissioning a phase I environmental assessment; <br /> 5. Community Home Trust has met with representatives of the management company who <br /> provided them with their perspective on the tensions at the Property; <br /> 6. Community Home Trust has met with a tenant to hear her perspective on what is working <br /> and what is not working; and <br /> 7. Community Home Trust has also met with Justice United. <br /> Community Home Trust will contract with a property management company certified by the <br /> North Carolina Housing Finance Agency to manage the property. <br /> FINANCIAL IMPACT: There is no financial impact associated with this item for the County. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable <br /> to this item: <br />