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7 <br /> facilitate the acquisition, construction, and/or rehabilitation of housing for the purposes of <br /> promoting affordable housing. <br /> IV. Exceptions <br /> A. The Board of Commissioners may reduce the required ninety-nine (99) year <br /> affordability restriction to forty (40)years when: <br /> i. The County's total financial contribution to the project is less than <br /> fifteen percent (15%)of the total project cost; or <br /> ii. The developer agrees to and develops at least thirty-five percent <br /> (35%)of the project units as affordable units. <br /> B. The Board of Commissioners may authorize the cancellation of restrictive <br /> covenants upon a determination that: <br /> i. A structure is in a state of disrepair such that the estimated cost to <br /> repair the structure exceeds one hundred percent (100%) of the value <br /> of the structure; and <br /> ii. Redevelopment of the property is cost prohibitive; and <br /> iii. Sale of the property is substantially unlikely to occur if the restrictive <br /> covenants are not cancelled. <br /> C. The Board of Commissioners authorizes the County Manager to approve <br /> removal of properties from the affordable housing inventory in accordance with <br /> the April 21, 2015 Interlocal Agreement for the Community Home Trust. <br /> D. In the event an application for exception does not meet all of the required <br /> elements to grant an exception pursuant to IV A — D above the Board of <br /> Commissioners may examine each application individually and ascertain <br /> whether the circumstances justify the granting of an exception. In such event the <br /> Board of Commissioners may grant an exception upon making findings of fact <br /> setting out all the relevant factors that reasonably and equitably justify such <br /> exception to this policy. <br /> V. Policy Review <br /> This policy will be reviewed by County staff and officials within two (2) years of the <br /> original approval date to ensure continued congruency with local affordable <br /> housing programs. <br /> Effective Date: April 3,2000 <br /> Revised: June 6,2000 <br /> Revised: February 21, 2017 <br />