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292 <br /> Article 6: Development Standards <br /> Section 6.18:Affordable Housing <br /> (E) A 50%density bonus may be approved if at least 20%of the units are to be occupied <br /> by families earning less than 50%of median income and the remaining 80%of units <br /> are occupied by families earning less than 80%of median income. This bonus shall <br /> not apply to lands which have been donated to Orange County in exchange for a <br /> density bonus pursuant to Section 6.18.3(D)above. <br /> 6.18.4 Contract for Sale of Single-Family Residences <br /> (A) Approval of the S^G^'al Use PerR44Conditional District,site plan,CZ applisatiGR, r <br /> preliminary plat shall not occur until there is a executed contract between the property <br /> owner and Orange County,which shall also be binding on future owners of the <br /> reserved lots. <br /> (B) The contract shall be administered by HCD,and shall include the following provisions: <br /> (1) All sales and re-sales shall be approved by HCD to assure ownership by <br /> qualifying buyers in accordance with the following eligibility criteria. <br /> (a) Family income,as defined in Article 10 of this Ordinance,at the time of <br /> purchase shall not exceed the limits set forth in Section 6.18.3. <br /> Qualifying buyers may have up to$10,000 in net assets,as defined in <br /> Article 10 of this Ordinance,at the time of purchase. <br /> (b) At least one member of a qualifying household must have lived or <br /> worked in Orange County for the past 12 months. <br /> (2) The contract shall apply to each of the reserved lots,and shall continue to affect <br /> a particular lot for a minimum period of 15 years after the initial sale of that lot. <br /> (3) There shall be no occupancy of the unit prior to its sale to a qualifying buyer. <br /> (4) The contract shall include a timeline by which construction and sale of the <br /> reserved units will be accomplished. <br /> (5) The resale price of any reserved housing unit shall not,at any time during the life <br /> of the contract,exceed the maximum amount affordable to the purchasing <br /> household. <br /> (6) The maximum sale or resale price shall be determined by HCD,calculated by <br /> using HUD modeling for housing affordability. HUD modeling takes into <br /> consideration assumptions such as interest rates,percentage of annual income <br /> allowed for housing,and amount of down payment. <br /> (7) In the event that the financial status of the buyer significantly improves prior to <br /> the expiration of the contract period,the buyer may lease the unit,provided that <br /> the lessee and the lease are approved by HCD. HCD shall use the standards set <br /> forth in Section 6.18.5 to determine whether or not to approve the lease. In <br /> addition,the term of the lease shall be for a minimum period of two years. <br /> (8) Violation of any of the terms of the contract required by this Ordinance may <br /> constitute grounds for revocation of the SpeGial Use oeFFnit and F8ZGRiRg A-f the <br /> land development approval,as provided in this Ordinance. <br /> 6.18.5 Contract for Rental of Duplex or Multi-Family Units <br /> (A) Approval of the SP8Gial Use oeFn *Conditional District,site plan,CZ app4+satien;or <br /> Preliminary Plat shall not occur until there is a contract between the property owner or <br /> developer and Orange County,which shall also be binding on future owners of the <br /> development. <br /> (B) The contract shall be administered by HCD,and shall include the following provisions: <br /> (1) All rental applications shall be approved by(HCD)to assureensure occupancy <br /> by qualifying households in accordance with the following eligibility criteria. <br /> Orange County,North Carolina—Unified Development Ordinance Page 6-137 <br />