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otherwise dispose of their interest in the manufactured homes only to an agency with <br />similar interest in affordable housing serving families with incomes not exceeding <br />80% of the HUD area median household income by family size, as determined by the <br />U.S. Department of Housing and Urban Development at the time of the transfer. The <br />non-profit fund, foundation, or corporation of like purpose must have established its <br />tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. <br /> <br />ii. If either or both of the manufactured homes are sold, transferred, or otherwise <br />disposed of during the Period of Affordability to other than an agency with similar <br />interest in affordable housing as provided in III.C.a. above, the Right of First Refusal <br />provision of the County’s then-current Long-Term Housing Affordability Policy <br />must be followed, and the unpaid balance due to the County from monthly payments <br />made and/or anticipated to be made for the remaining term of any lease-purchase <br />agreements shall become immediately due and payable. <br /> <br />iii. The resale provision shall remain in effect for the Period of Affordability. <br /> <br />iv. Any proceeds from the recapture of funds under this provision will be used to <br />facilitate the acquisition, construction, and/or rehabilitation of housing for the <br />purposes of promoting affordable housing. <br /> <br /> <br />IV. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> <br />A. Owner agrees to lease the manufactured home units to families whose income does not <br />exceed 80% of the area median income by family size, as determined by the U.S. Department <br />of Housing and Urban Development and as may be amended from time to time. Monthly <br />rents shall not exceed the HUD Published Fair Market Rents in effect at the time of <br />occupancy. Residential leases shall not exceed one year in term. <br /> <br />B. In the event Owner is unable to complete its obligations to occupy the manufactured homes <br />that are the subject of this Agreement in order to return to the County on a monthly basis <br />payments made by tenants participating in the lease-purchase component of the D-MAP, <br />Owner will be required to repay the full amount of the funds expended by the County on the <br />purchase of the unoccupied manufactured home(s). <br /> <br />C. Owner shall ensure the manufactured home units under its control meet the Section 8 <br />Housing Quality Standards (HQS) prior to leasing. All repair or maintenance work conduct <br />by the Owner shall be completed in accordance with Orange County and North Carolina <br />building codes and zoning ordinances, as applicable. <br /> <br />D. Owner is responsible for verifying the income of prospective tenants and maintaining <br />eligibility data. Owner shall maintain tenant files as part of its Books and Record as required <br />and for the period of time identified in Section V.3.iii of this Agreement. To the extent it has <br />DocuSign Envelope ID: D30731DD-899C-4474-9F67-CBE9A191E199