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17 <br />d. The contract shall include a timeline by which <br />construction and sale of the reserved units <br />will be accomplished. <br />e. The resale price of any reserved housing unit <br />shall not, at any time during the life of the <br />contract, exceed the maximum amount affordable <br />to the purchasing household. <br />f. The maximum sale or resale price shall be <br />determined by HCD, calculated by using HUD <br />modeling for housing affordability. HUD <br />modeling takes into consideration assumptions <br />such as interest rates, percentage of annual <br />income allowed for housing, and amount of down <br />payment. <br />g. In the event that the financial status of the <br />buyer significantly improves prior to the <br />expiration of the contract period, the buyer <br />may lease the unit, provided that the lessee <br />and the lease are approved by HCD. HCD shall <br />use the standards set forth in Article <br />7.1 .w w 6.27.4 to determine whether or not to <br />approve the lease. In addition, the term of <br />the lease shall be for a minimum period of two <br />years. <br />h. Violation of any of the terms of the contract <br />required by this ordinance may constitute <br />grounds for revocation of the Special Use <br />Permit and rezoning of the land, as provided <br />in Article 7.9 of this Ordinance Certificate <br />of Occupancy. <br />6.27.4 Contract for Rental of Du lex or Multi-family Units <br />Approval of the Special Use Permit, site plan, or <br />Preliminary Plat shall not occur until there is a <br />contract between the property owner or developer <br />and Orange County, which shall also be binding on <br />future owners of the development. The contract <br />shall be administered by HCD, and shall include the <br />following provisions: <br />a) All rentals shall be approved by (HCD) to <br />assure occupancy by qualifying households in <br />accordance with the following eligibility <br />criteria. <br />i) Family income, as defined in Article 22 of <br />this Ordinance, at the time of purchase <br />shall not exceed the limits set forth in <br />Article 6.27.2. Qualifying <br />renters may also own up to $5,000 in net <br />assets, as defined in Article 22 of this <br />Ordinance, at the time of initial rental. <br />