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Article 6: Development Standards 297 <br /> Section 6.19:Adequate Public Facilities: Schools <br /> (1) All rental applications shall be approved by(HCD)to assupa ensure occupancy <br /> by qualifying households in accordance with the following eligibility criteria. <br /> (a) Family income, as defined in Article 10 of this Ordinance, at the time of <br /> rental shall not exceed the limits set forth in Section 6.18.3. Qualifying <br /> renters may have up to $5,000 in net assets, as defined in Article 10 of <br /> this Ordinance, at the time of initial rental. <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 /> (c) Families whose income increases above the eligibility requirements may <br /> continue to occupy the rental unit, unless otherwise required through <br /> terms of the rental agreement between the lessor and lessee. <br /> (2) Every change in occupancy during the 15 year term of the contract shall be <br /> approved by HCD to assure continued compliance with eligibility criteria. <br /> (3) Maximum Allowable Rent <br /> (a) The maximum rent allowed shall be computed by multiplying the <br /> applicable percentage of median income by the value of median income <br /> at the time of the transaction, then multiplying the resulting value by the <br /> maximum percentage of income spent for housing, as recommended by <br /> the mortgage banking industry. <br /> (b) The value for median income used in calculating maximum allowable <br /> rent shall be adjusted to reflect the maximum family size appropriate for <br /> the number of bedrooms, as determined by HCD. <br /> 6.18.6 Disclosure of Contract Terms to Potential Home-Buyers <br /> (A) Staff from the Planning Department and the Department of Housing and Community <br /> Development shall meet with the prospective buyer prior to the purchase to assure <br /> that all terms of the contract are fully understood. Explanation of the terms of the <br /> contract shall include the following implication: <br /> (1) Building permits for the improvements to the structure may be obtained if the <br /> owner wishes to remodel or construct an addition, or construct accessory <br /> structures. However, there is no assurance that the investment will be regained <br /> if the unit is sold prior to the expiration of the contract due to the requirement that <br /> it be purchased by a moderate income household. <br /> (B) Home ownership counseling shall be made available to first time buyers to provide <br /> information on such topics as insurance and maintenance. The counseling shall be <br /> provided by the Department of Housing and Community Development. <br /> 6.18.7 Conveyance of Property to Orange County <br /> (A) Land donated to Orange County pursuant to Section 6.18.3(D)to enable a developer <br /> to obtain a density bonus shall be donated in trust for the purpose of the <br /> development of affordable housing. <br /> (B) An agreement between the developer and Orange County and the instruments of <br /> conveyance shall insure this trust as determined by the County Attorney. <br /> SECTIONQSCHOOLS <br /> 6.19.1 Purpose <br /> The purpose of this Section is to ensure that, to the maximum extent practical, approval of new <br /> residential development will become effective only when it can reasonably be expected that <br /> adequate public school facilities will be available to accommodate such new development. <br /> Orange County, North Carolina—Unified Development Ordinance Page 6-137 <br />