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6 <br /> IV. Exceptions <br /> A. The Board of Commissioners may reduce the required ninety-nine (99) year <br /> affordability restriction to forty (40) years when: <br /> i. The County's total financial contribution to the project is less than <br /> fifteen percent (15%) of the total project cost; or <br /> ii. The developer agrees to and develops at least thirty-five percent (35%) <br /> of the project units as affordable units. <br /> B. The Board of Commissioners may authorize the cancellation of restrictive <br /> covenants upon a determination that: <br /> i. A structure is in a state of disrepair such that the estimated cost to <br /> repair the structure exceeds one hundred percent (100%) of the value <br /> of the structure; and <br /> ii. Redevelopment of the property is cost prohibitive; and <br /> iii. Sale of the property is substantially unlikely to occur if the restrictive <br /> covenants are not cancelled. <br /> C. The Board of Commissioners authorizes the County Manager to approve removal <br /> of properties from the affordable housing inventory in accordance with the April 21, <br /> 2015 Interlocal Agreement for the Community Home Trust. <br /> D. In the event an application for exception does not meet all of the required elements <br /> to grant an exception pursuant to IV A— D above the Board of Commissioners may <br /> examine each application individually and ascertain whether the circumstances <br /> justify the granting of an exception. In such event the Board of Commissioners <br /> may grant an exception upon making findings of fact setting out all the relevant <br /> factors that reasonably and equitably justify such an exception to this policy. <br /> V. Execution of Agreements <br /> The County Manager is authorized to sign all documents necessary to ensure the long term affordability of <br /> affordable housing projects using County financial resources. <br /> VI. Policy Review <br /> This policy will be reviewed by County staff and officials within two (2) years of the <br /> original approval date to ensure continued congruency with local affordable <br /> housing programs. <br /> Effective Date: April 3, 2000 <br /> Revised: June 6, 2000 <br />