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3 . 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 . GRANTEE PERFORMANCE UNDER THIS AGREEMENT <br /> A . Grantee agrees to have the Project dwelling units remain with those whose family income <br /> does not exceed 80 % of the area median income by family size , as determined by the <br /> U . S . Department of Housing and Urban Development and as may be amended from time <br /> to time . Monthly rents must not exceed the HUD Published Fair Market Rents in effect <br /> at the time of occupancy . Residential leases will not exceed one year in term . <br /> B . Grantee shall rehabilitate the Project dwelling unit . The Project shall be occupied no <br /> later than six months after project completion . In the event that Grantee is unable to <br /> complete its obligations to acquire , rehabilitate , and occupy the Project dwelling units <br /> within this time or by extensions approved by the County under the terms of this <br /> Agreement, Grantee will be required to repay the full amount of the County " s outstanding <br /> loan as provided in the loan documents . <br /> 1 . Grantee shall ensure that the Project dwelling unit meets the Section 8 Housing <br /> Quality Standards (HQS ) prior to leasing . All repair work must be completed in <br /> accordance with applicable Orange County and State building and zoning <br /> ordinances . <br /> C . In the case where affordability is accomplished by leasing rather than ownership , Grantee <br /> is responsible for verifying the income of prospective tenants and maintaining eligibility <br /> data . Grantee shall maintain tenant files as part of its Books and Records as required and <br /> for the period of time required by Section VIII . C . 6 of this Agreement . Grantee must <br /> provide the County an initial occupancy report verifying the income eligibility the tenant <br /> at the time of initial lease -up . Grantee must furnish the County with an annual report on <br /> the Project dwelling unit by July 31 of each year thereafter certifying that the tenant is a <br /> veteran earning less than 80 % of the area median income by family size, as determined <br /> by the U . S . Department of Housing and Urban Development and as amended from time . <br /> D . The Project dwelling must have a value that does not exceed 100 % of its appraised value . <br /> An independent, qualified appraiser must conduct the appraisal . <br /> E . In the case where affordability is accomplished by leasing rather than ownership , Grantee <br /> must submit an annual rental operations budget to the County each year at least sixty <br /> days prior to the July 1 beginning date for the fiscal year . <br /> F . Grantee agrees and authorizes the County to conduct on- site reviews , examine client and <br /> contractor records , client applications and to conduct any other procedures or practices to <br /> assure compliance with these provisions . <br /> 4 <br />