Agenda - 08-26-1991 - Laserfiche WebLink

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ii) At least one member of a qualifying household must have lived or worked in 3 9 Orange County for the past 12 months. iii) Families whose income increases above the eligibility requirements may continue to occupy the rental unit, unless otherwise required through terms of the rental agreement between the lessor and lessee. b. Every change in occupancy during the 15 -year term of the contract shall be approved by HCD to assure continued compliance with eligibility criteria. C. The maximum rent allowed shall be computed by multiplying the applicable percentage of median income by the value of median income at the time of the transaction, then multiplying the resulting value by the maximum percentage of income spent for housing, as recommended by the mortgage banking industry. The value for median income used in calculating maximum allowable rent shall be adjusted to reflect the maximum family size appropriate for the number of bedrooms, as determined by HCD. 6.27.5 Disclosure of Contract Terms to Potential Home - Buyers a) Staff from the Planning Department and the Department of Housing and Community Development shall meet with the prospective buyer prior to the purchase to assure that all terms of the contract are fully understood. Explanation of the terms of the contract shall include the following implication: i. Building permits for the improvements to the structure may be obtained if the owner wishes to remodel or construct an addition, or construct accessory structures. However, there is no assurance that the investment will be regained if the unit is sold prior to the expiration of the contract due to the requirement that it be purchased by a moderate income household. b) Home - ownership counseling shall be made available to first -time buyers to provide information on such topics as insurance and maintenance. The counseling shall be provided by the Department of Housing and Community Development.