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DocuSign Envelope ID:837C993F-4D81-4CE1-8185-B2C0610EDD8B <br /> more than 80% of the area median income at the time of sale of the property. Area <br /> Median Income by family size is determined by the U.S. Department of Housing <br /> and Urban Development and amended from time to time. <br /> B. Upon determining the amount to be invested in a Project dwelling unit, the <br /> HOME Awardee shall record a Declaration of Restrictive Covenants encumbering <br /> the Project dwelling unit in accordance with Subsection VI(C), below. <br /> C. The Declaration of Restrictive Covenants shall provide that each of the Project <br /> dwelling units must remain affordable, according to the requirements of the <br /> HOME Program, for the HOME Affordability Period of five (5)to ten (10) years, <br /> depending on the amount of HOME funds invested in the individual Project <br /> dwelling unit, after which time, each of the Project dwelling units must adhere to <br /> the requirements of the County's Long-Term Housing Affordability Policy and <br /> continue to remain affordable for a total affordability period of ninety-nine (99) <br /> years. The HOME Awardee shall retain full responsibility for compliance with the <br /> affordability requirement for each of the Project dwelling units, unless <br /> affordability restrictions are terminated due to the sale of the Property to a non- <br /> qualified buyer and repayment of the HOME investment. If the original <br /> homebuyer(s) wish to sell or transfer the Property during the HOME Affordability <br /> Period, the HOME Resale Provisions of this Agreement pertain. In the event of a <br /> sale of the Property, the HOME Awardee assures compliance with affordability <br /> requirements of each of the Project dwelling units as provided in the Declaration <br /> of Restricted Covenants on the Property. In the event that the original <br /> homebuyer(s)violate the HOME principal residence requirement, to include sale <br /> or transfer of the Property to a non-qualified buyer during the HOME <br /> Affordability Period, the Property will be found noncompliant with HOME <br /> requirements and the HOME investment must be repaid to the County. The <br /> Declaration of Restricted Covenants shall constitute and remain a lien on the <br /> Property during the entire period of affordability. <br /> D. The HOME Awardee agrees to retain full responsibility for compliance with the <br /> Affordability Requirements provided in this Section IV and the Resale Provisions <br /> provided in Section 4A of Exhibit C, Declaration of Restrictive Covenants. <br /> VII. HOME AWARDEE'S PERFORMANCE UNDER THIS AGREEMENT <br /> A. The HOME Awardee agrees and authorizes the County to conduct on- site <br /> reviews, examine client and contractor records, client applications and to conduct <br /> any other procedures or practices to assure compliance with these provisions. <br /> B. The HOME Awardee agrees to not violate any State or Federal laws, rules or <br /> regulations regarding a direct or indirect illegal interest on the part of any <br /> employee or elected official of the HOME Awardee in the Project or payments <br /> made pursuant to this Agreement. <br /> 4 <br />