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5 <br /> An organization requesting impact fee reimbursement for rental housing must certify that <br /> the property will remain affordable for ninety-nine (99) years. The rental housing <br /> certification must be secured by a Declaration of Restrictive Covenant requiring repayment <br /> to Orange County of the impact fee if the rental housing does not remain affordable <br /> during the period of affordability,which covenant will be further seemed by a note and deed <br /> of trust. Evidence must be provided that agency and/or program guidelines are in place to <br /> assure affordability compliance. <br /> H. Land Trust Model <br /> The Land Trust model utilizes a non-profit, community based organization known as a <br /> Community Home Trust ("CHT") whose purpose is to acquire land and make it available to <br /> individual families and others, such as cooperatives, through a long-term lease for a term up to <br /> 99 years. The leaseholders or homebuyers do not hold title to the land -the title is retained by <br /> the CHT. The CHT conveys a leasehold interest in the land and improvements to the homebuyers <br /> (lessees). The benefits of this model include the ability of the CHT to retain the affordability <br /> of the home over successive generations of home buyers. The land lease gives the CHT the <br /> first option to purchase the home, when and if it is sold, at an affordable price set by a resale <br /> formula. The resale formula gives homeowners a fair return for their investment, while <br /> keeping the price of the housing affordable for future residents. <br /> III. New and Existing First-Time Homebuyer Programs <br /> A. Period of Affordability <br /> All properties supported by County financial resources for the purpose of facilitating <br /> homeownership must be sold to households at or below 80% of area median income for a <br /> minimum of ninety-nine (99)years from the date of initial assistance. Subsequent resales <br /> are allowable to households earning up to 115%of area median income. <br /> B. Right of First Refusal <br /> A right of first refusal or right to purchase is accomplished by means of a Declaration of <br /> Restrictive Covenants on the property purchased by the first-time homebuyer. Any <br /> assignment, sale, transfer, conveyance, or other disposition of the Property or any part <br /> thereof whether voluntarily or involuntarily or by operation of law ('Transfer") shall not <br /> be effective unless and until the below-described procedure is followed. <br /> If the original homebuyer or any subsequent qualified homebuyer ('Buyer") <br /> contemplates a Transfer to an unqualified buyer, Buyer shall send to Orange County <br /> and/or the sponsoring non-profit organization, not less than 90 days prior to the <br /> contemplated closing date of the Transfer, a 'Notice of Intent to Sell." This Notice of <br /> Intent to Sell shall be accompanied by a copy of a completed, fully executed bona <br /> fide offer to purchase the Property on the then current North Carolina Bar Association <br /> "Offer to Purchase and Contract" form. If Orange County and/or the sponsoring non- <br /> profit organizations elects to exercise its said right of refusal, it shall notify the Buyer <br />