Agenda - 12-03-1990 - Laserfiche WebLink

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Y acknowledge that the figures contained on Exhibit D have been calculated by a computer program devised by Dennis Eisen & Associates entitled Affordable Housing Program, a copy of which will be provided by the Corporation to the Town, which shows the increasingly lower income levels of persons who can afford to purchase the Low - income Houses, given the available financing and other factors. Thus the Town is responsible for annually: gathering current figures described in the Affordable Housing Data Input Form attached to this Agreement as Exhibit E and incorporated herein by reference, inserting the figures in the appropriate lines on said computer program, running said computer program with said figures, and supplying the Corporation with a copy of the revised program results; then, at each resale, reselling the Low- income Houses to Low- or Very Low- income Person(s), i as the case may be, whose combined income is equal to or less than the applicable income range as determined by the annual running of said computer program. Notwithstanding the foregoing, as the Town becomes obligated to purchase a Low- income House and if the Town is unable to sell said Low- income House to a Low- income Person or Persons whose combined income is equal to or less than applicable owner income as shown on Exhibit D (as revised from time to time) for two months, then the Town may sell said Low- income House to any Low-- income Person or Persons. V. Initial Sales of Low- income Houses. A. Financing. 1. Corporation's Duties. At or before the closing of the first sale of the Low- income Houses, the Corporation will use its best efforts to: - 12 - V