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8 <br />Qualifying buyers may also own up to $10,000 in net <br />assets, as defined in Article 22 of this Ordinance, <br />at the time of purchase. <br />ii) At least one member of a qualifying household must <br />have lived or worked in Orange County for the past <br />12 months. <br />b. The contract shall apply to each of the reserved lots, <br />and shall continue to affect a particular lot for a <br />minimum period of 15 years after the initial sale of <br />that lot. <br />C. There shall be no occupancy of the unit prior to its <br />sale to a qualifying buyer. <br />d. The contract shall include a timeline by which <br />construction and sale of the reserved units will be <br />accomplished. <br />e. The resale price of any reserved housing unit shall not, <br />at any time during the life of the contract, exceed the <br />maximum amount affordable to the purchasing household. <br />f. The maximum sale or resale price shall be determined by <br />HCD, calculated by using HUD modeling for housing <br />affordabililty. HUD modeling takes into consideration <br />assumptions such as interest rates, percentage of annual <br />income allowed for housing, and amount of down payment. <br />g. In the event that the financial status of the buyer <br />significantly improves prior to the expiration of the <br />contract period, the buyer may lease the unit, provided <br />that the lessee and the lease are approved by HCD. HCD <br />shall use the standards set forth in Article 7.14.4.4 to <br />determine whether or not to approve the lease. In <br />addition, the term of the lease shall be for a minimum <br />period of two years. <br />h. Violation of any of the terms of the contract required <br />by this ordinance may constitute grounds for revocation <br />of the Special Use Permit and rezoning of the land, as <br />provided in Article 7.9 of this Ordinance. <br />7,14.4.4 Contract for Rental of Du 1ex or Multi-family Units <br />Approval of the Special Use Permit shall not occur until <br />there is a contract between the property owner or developer <br />and Orange County, which shall also be binding on future <br />owners of the development. The contract shall be <br />administered by HCD, and shall include the following <br />provisions: <br />a) All rentals shall be approved by (HCD) to assure <br />