Agenda - 12-03-1990 - Laserfiche WebLink

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WO faith efforts to sell the said Low - income House to a Buyer for four months,, then the Corporation without any liability to the Town may (a) rent such Low-- income House to a Low - income Person prior to its sale, or (b) sell the Low - income House to a person or family not meeting the qualification threshold criteria described in this Agreement, provided that the buyer(s) shall not be entitled to the financing described in Paragraph V, nor must the buyer(s) enter into a Shared Equity Agreement, and, if the buyer(s) does /do not enter into a Shared Equity Agreement, the Town shall have no obligations arising out of said Low- income House until it is sold to a Low - income Buyer pursuant to the terms of a Purchase Contract and Shared Equity Agreement. In the) event of such a sale to a buyer who has not met the said qualification) i threshold, the Corporation shall be liable to Orange County, ECD, and NCHFA for any monies which may be determined to be owing due to ineligibility of use of CDBG and /or NCHFA funds arising therefrom. Further notwithstanding the foregoing, if the Town purchases a Low- income House and if the Town is unable to sell said Low- income House to a Buyer after having made good faith efforts to sell the said) Low - income House for one year, then the Town may without liability to the Corporation therefor (a) prior to its sale, rent such Low - income House to a person or family with income(s) below, or (b) sell said Low - income House to a person or family whose Income exceeds 80% of the median annual income for the Raleigh - Durham Non- metropolitan Statistical Area of North Carolina for such number of persons as determined by HUD, but in no event may such buyer's Income exceed 100% of such median, in no event shall such buyer be entitled to the financing discussed in Paragraph VII of this Agreement, and in every - 31 -