2019-791-E Housing - Community Home Trust grant agreement

Browse Search

2 1. CHT shall provide the County its list of all needed and/or anticipated deferred maintenance and applicable operating and capital reserve items at the Landings at Winmore (hereinafter, the “Landings at Winmore” or the “Property”) for the year in which this Agreement is executed by December 31, 2019. 2. CHT shall provide the County an annual report addressing update(s) on deferred maintenance and applicable operating and capital reserve items undertaken and/or completed and updated financials. Annual reports shall be completed and submitted to the County in accordance with Section 6, Term & Timeliness, below. 3. CHT shall promptly notify the County in the event either operating or replacement reserve funds reach a level of ten thousand dollars ($10,000) and additional grant funds may be necessary. The County shall not be obligated by this Agreement to provide further support to CHT. 4. CHT agrees to rent dwelling units at the Landings at Winmore as follows: dwelling units to 15 low income eligible households earning less than 40% of the Area Median Income, 21 eligible households earning less than 50% of the Area Median Income, and 22 eligible households earning less than 60% of the Area Median Income by family size, as determined by the U.S. Department of Housing and Urban Development, consistent with the terms of the Development Agreement dated April 11, 2013 and applicable terms of the Amendment to the Development Agreement effective July 1, 2011. The terms of both the Development Agreement and the Amendment to the Development Agreement, are hereby incorporated by reference into and made part of this Agreement. 5. The period of affordability will be at least 99 years and shall be secured by the Declaration of Restrictive Covenants recorded in Book 5154 at Page 175, Orange County Registry and assumed by CHT in Deed Book 6408, Page 572, Orange County Registry . 6. AMOUNT AND USE OF FUNDS. Upon submission of the complete list of all needed and/or anticipated deferred maintenance and applicable operating and capital reserve items at the Landings at Winmore the County shall make available to CHT up to Eighty Thousand Dollars and 00/100 ($80,000) pursuant to this Agreement. Said funds shall be disbursed by a check payable to CHT for performance of the services described in this Agreement. All funds appropriated shall be used for purposes described herein. Any funds not used for the purposes stated shall be returned to the County. Any changes in the use of funds must be authorized in writing by the County prior to any expenditure of the funds by CHT. If the funds are expended not in accordance with this Agreement, at the discretion of the County CHT may be required to repay the funds to the County. 7. TERM & TIMELINESS The Project completion date is five (5) years from effective date of this Agreement. This Agreement may be renewed by the County Manager for up to two (2) additional five (5) DocuSign Envelope ID: F9614B21-556E-42D5-A5C1-2B3EF7E3AB01