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DocuSign Envelope ID:6DC1ED22-B276-4193-B1F9-548B6AFFC7C5 <br /> may be paid on a monthly basis. The amount of each request must be limited to eligible <br /> costs as determined by Orange County staff. <br /> C. Said funds shall be disbursed by the County to the Owner for performance of the services <br /> described in Exhibit A by check made payable to the Owner. <br /> II. AMOUNT OF FUNDS/LOAN TERMS <br /> A. Amount. The County shall make available to the Owner Project Funds in the amount of <br /> up to Two Hundred Eighty Thousand Six Hundred dollars ($280,600) at an interest <br /> rate of zero percent (0%) pursuant to this Agreement. Said funds shall be disbursed by <br /> the County to the Owner for performance of the services described in Exhibit A. <br /> The funding provided to Empowerment shall be as a fixed subsidy in the form of a <br /> grant. <br /> B. Said funds shall be disbursed by the County to the Owner for performance of services <br /> described in Exhibit A. <br /> III. TIME FOR COMMENCEMENT AND COMPLETION <br /> The Owner shall complete this Project within twelve (12) months from the date of this <br /> Agreement. However, in the event of any alterations or additions or of circumstances beyond the <br /> control of the Owner, which in the opinion of the Director of the County's Department of <br /> Housing and Community Development will require additional time for completion of the Project, <br /> then in that case, the time of completion shall be extended by the County Manager in writing for <br /> a period of time not to exceed twelve (12) months. Any further extensions will require the <br /> approval of the Orange County Board of County Commissioners. <br /> IV. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for a period of one (1) year. <br /> V. AFFORDABILITY REQUIREMENTS <br /> A. Owner agrees to lease the Project dwelling units to low income families earning up to <br /> 80% of HUD area median income throughout the term of the Agreement and for a period <br /> of twenty (20) years. Area Median Income by family size is determined by the U.S. <br /> Department of Housing and Urban Development and amended from time to time. <br /> Residential leases will not exceed one year in term and must be renewed each year. For <br /> tenants entering a lease-purchase agreement after 12 months of renting and meeting all <br /> other applicable requirements, the purchase price shall not exceed seventy percent (70%) <br /> 2 <br />