Agenda - 12-03-1990 - Laserfiche WebLink

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construction of the last - designated Low- income House, to inspection, audit, and review by the Town. IV. Buyer Eligibility. The Corporation, in the case of the first sale of each Low - income House, and the Town, in the case of subsequent sales of each Low - income House, will sell the Low - income Houses to Low - income Persons (with sales preference. being given to Buyers who are either residents of or who are employed in Chapel Hill, North Carolina) whose assets do not exceed. that valuation which would -''squalify them from a NCHFA first mortaraare loan rAAia presently being $45,000.00 in fair - market value) or, if NCHFA discontinues publishing said amount, -then in an amount equal to the last said amount so published multipled by a fraction, the numerator of which shall be the numerical index of the Consumer Price Index for r Urban,Wage Earners and Clerical Workers, U.S. City Average (1982 -84 100), Annual Averages and Changes, All Items, published by the United States Department of Labor, Bureau of Labor Statistics ( "Index ") for the preceding January and tthe denominator shall be the Index published in the month preceding NCHFA's discontinuance. Provided. however. that, at each resale of a Low- income House, the parties intend for the Town to attempt to sell the said Low - income House to a person or persons with lower income(s) than the previous owner when income is expressed as a percentage of the applicable median income. To that end, the parties agree that, at each said resale, the Town shall attempt to sell each said Low- income House to a person or persons whose combined income is equal to or less than applicable owner income shown on Exhibit D attached to and incorporated into this Agreement, as updated from time to time as described below. The parties - 11 -