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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 <br />repaid because the sale occurs more than forty years after the County contribution is <br />made, then the seller of the Property and the County will divide the entire equity <br />realized from the sale. <br />3. The resale provision shall remain in effect for the full affordability period — 99 years. <br />4. Any proceeds from the recapture of funds under this provision will be used to <br />facilitate the acquisition, construction, and rehabilitation of housing for the purposes of <br />promoting affordable housing. <br />VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br />A. Owner agrees to lease the Project dwelling units to families whose income at 116 Cole <br />Street does not exceed 50% of the area median income by family size, as determined by <br />the U.S. Department of Housing and Urban Development and at 606 Bynum Street by <br />two families whose incomes does not exceed 60% of area median income by family size <br />as determined by the U.S. Department of Housing and Urban Development and as may <br />be amended from time to time. Monthly rents must not exceed the HUD Published Fair <br />Market Rents in effect at the time of occupancy. Residential leases will not exceed one <br />year in term. <br />B. Owner shall be acquire the Property and rehabilitate the Project dwellings units <br />rehabilitated (if needed). The Project shall be occupied no later than six months after <br />project completion. In the event that Owner is unable to complete its obligations to <br />acquire, rehabilitate, and occupy the Project dwelling units within this time or by <br />extensions approved by the County under the terms of this Agreement, Owner will be <br />required to repay the full amount of the County's outstanding loan as provided in the loan <br />documents. <br />a. Owner shall ensure that the Project dwelling units meet the Section 8 Housing <br />Quality Standards (HQS) prior to leasing. All repair work must be completed in <br />accordance with applicable building and zoning ordinances and N.C. Housing <br />Finance Agency Energy Standards. <br />b. Any tenants residing in the Project dwelling units at the time of acquisition of the <br />Project dwelling units that are displaced due to the repair work must be notified in <br />writing of the need for temporary relocation and must be adequately housed in the <br />community. Owner must submit within 90 days of the date of this Agreement a <br />detailed written report of the relocation plan for all tenants. All relocation <br />activities will be fully funded by Owner. <br />C. Owner is responsible for verifying the income of prospective tenants and maintaining <br />eligibility data. Owner shall maintain tenant files as part of its Books and Records as <br />required and for the period of time required by Section VIII. C.3 of this Agreement. <br />Owner must provide the County an initial occupancy report verifying the income <br />eligibility of all tenants at the time of initial lease -up. Owner must furnish the County <br />with an annual report on the Project dwellings units by July 31 of each year thereafter <br />5 <br />