Orange County NC Website
Browse       Search
7.14.4.3 contract for Sale of Single-family Residences <br />Approval of the Special Use Permit shall not occur until <br />there is a contract between the property owner and Orange <br />County, which shall also be binding on future owners of <br />the reserved lots. The contract shall be administered by <br />(HCD), and shall include the following provisions: <br />a) All sales and resales shall be approved by HCD to <br />assure ownership by qualifying buyers in accordance <br />with the following eligibility criteria. <br />i) Family income, as <br />Ordinance, at the <br />exceed the limits <br />Qualifying buyers <br />net assets, as de <br />Ordinance, at the <br />defined in Article 22 of this <br />time of purchase shall not <br />set forth in Article 7.14.4.2. <br />may also own up to $10,000 in <br />Eined in Article 22 of this <br />time of purchase. <br />ii) At least one member of a qualifying household <br />must have lived or worked in Orange County for <br />the past 12 months. <br />b. The contract shall apply to each of the reserved <br />lots, and shall continue to affect a particular lot <br />for a minimum period of 15 years after the initial <br />sale of 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 <br />not, at any time during the life of the contract, <br />exceed the maximum amount affordable to the <br />purchasing household. <br />f. The maximum sale or resale price shall be determined <br />by HCD, calculated by using HUD modeling for housing <br />affordability. HUD modeling take into consideration <br />assumptions such as interest rates, percentage of <br />annual income allowed for housing, and amount of down <br />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, <br />provided that the lessee and the lease are approved <br />by HCD. HCD shall use the standards set forth in <br />Article 7.14.4.4 to determine whether or not to <br />