Orange County NC Website
Browse       Search
DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 <br /> B. Resale Provisions <br /> 1. Resale Provisions. The Declaration of Restrictive Covenants shall include at least the <br /> following elements in their resale provisions: <br /> a. If the buyer no longer uses the Properties as rental housing to families eligible to <br /> rent a dwelling unit under this Agreement or is unable to continue ownership, then <br /> the buyer must sell, transfer, or otherwise dispose of their interest in the Properties <br /> only to an agency with similar interest in affordable housing and serve families with <br /> incomes not exceeding 80% of the area median household income by family size, <br /> as determined by the U.S. Department of Housing and Urban Development at the <br /> time of the transfer. The non-profit fund, foundation, or corporation of like <br /> purposes must have established its tax-exempt status under Section 501 (c) (3) of <br /> the Internal Revenue Code. <br /> b. If one or both of the Properties is sold, transferred, or otherwise disposed of during <br /> the Period of Affordability to other than an agency with similar interest in <br /> affordable housing as provided in a. above, the Right of First Refusal provision of <br /> the then current County's Long-Term Housing Affordability Policy must be <br /> followed and the net sales proceeds (sales price less: 1) selling cost, 2) the unpaid <br /> principal amount of the original first mortgage and 3)the unpaid principal amount <br /> of the initial County contribution and any other initial government contribution <br /> secured by a deferred payment promissory note and deed of trust or"equity" will <br /> be divided 50150 by the seller of the Property and the County. If the initial County <br /> contribution does not have to be repaid because the sale occurs more than forty <br /> years after the County contribution is made, then the seller of the Property and the <br /> County will divide the entire equity realized from the sale. <br /> 2. The resale provision shall remain in effect for the full affordability period—99 years. <br /> 3. Any proceeds from the recapture of funds under this provision will be used to <br /> facilitate the acquisition, construction, and rehabilitation of housing for the purposes of <br /> promoting affordable housing. <br /> VII. OWNER PERFORMANCE UNDER THIS AGREEMENT <br /> A. Owner agrees to lease the Project dwelling units to a family whose income does not exceed <br /> 80% of the area median income by family size, as determined by the U.S. Department of <br /> Housing and Urban Development and as may be amended from time to time. Monthly <br /> rents must not exceed the HUD Published Fair Market Rents in effect at the time of <br /> occupancy. Residential leases will not exceed one year in term. <br /> B. If necessary to bring the Properties into compliance with applicable property standards for <br /> rental project described in 24 C.F.R. 92.251, Owner shall rehabilitate the Project dwelling <br /> units. The Project dwelling units shall be occupied no later than six months after project <br /> completion. In the event that Owner is unable to complete its obligations to acquire, <br />