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DocuSign Envelope ID: 7C3119A7- D81B- 45AB- 993C- 13CE5D767031 <br />may be paid on a monthly basis. The amount of each request must be limited to eligible <br />costs as determined by Orange County staff. <br />C. Said funds shall be disbursed by the County to the Owner for performance of the services <br />described in Exhibit A by check made payable to the Owner. <br />IL AMOUNT OF FUNDS/ LOAN TERMS <br />A. Amount. The County shall make available to the Owner Project Funds in the amount of <br />up to Two Hundred Eighty Thousand Six Hundred dollars ($280,600) at an interest <br />rate of zero percent (0 %) pursuant to this Agreement. Said funds shall be disbursed by <br />the County to the Owner for performance of the services described in Exhibit A. <br />The funding provided to Empowerment shall be as a fixed subsidy in the form of a <br />grant. <br />B. Said funds shall be disbursed by the County to the Owner for performance of services <br />described in Exhibit A. <br />III. TIME FOR COMMENCEMENT AND COMPLETION <br />The Owner shall complete this Project within twelve (12) months from the date of this <br />Agreement. However, in the event of any alterations or additions or of circumstances beyond the <br />control of the Owner, which in the opinion of the Director of the County's Department of <br />Housing and Community Development will require additional time for completion of the Project, <br />then in that case, the time of completion shall be extended by the County Manager in writing for <br />a period of time not to exceed twelve (12) months. Any further extensions will require the <br />approval of the Orange County Board of County Commissioners. <br />IV. DURATION OF THE AGREEMENT <br />This Agreement will remain in effect for a period of one (1) year. <br />V. AFFORDABILITY REQUIREMENTS <br />A. Owner agrees to lease the Project dwelling units to low income families earning up to <br />80% of HUD area median income throughout the term of the Agreement and for a period <br />of twenty (20) years. Area Median Income by family size is determined by the U.S. <br />Department of Housing and Urban Development and amended from time to time. <br />Residential leases will not exceed one year in term and must be renewed each year. For <br />tenants entering a lease - purchase agreement after 12 months of renting and meeting all <br />other applicable requirements, the purchase price shall not exceed seventy percent (70 %) <br />