Agenda - 05-18-2021; 6-a - Unified Development Ordinance Text Amendments

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Article 6: Development Standards 284 Section 6.18:Affordable Housing (E) A 50% density bonus may be approved if at least 20% of the units are to be occupied by families earning less than 50% of median income and the remaining 80% of units are occupied by families earning less than 80% of median income. This bonus shall not apply to lands which have been donated to Orange County in exchange for a density bonus pursuant to Section 6.18.3(D)above. 6.18.4 Contract for Sale of Single-Family Residences (A) Approval of the Special Use Perm itConditionalDistrict, site plan, G' appliGatien or preliminary plat shall not occur until there is a executed contract between the property owner and Orange County, which shall also be binding on future owners of the reserved lots. ( The contract shall be administered by HCD, and shall include the following provisions: (1) All sales and re-sales shall be approved by HCD to assure own ship by q lifying buyers in accordance with the following eligibility c ' eria. (a) amity income, as defined in Article 10 of this O finance, at the time of p hase shall not exceed the limits set fort i Section 6.18.3. Qua ing buyers may have up to$10,00 in net assets, as defined in Article 1 f this Ordinance, at the tim f purchase. (b) At least one mber of a qualifyi household must have lived or worked in Orang ounty for t past 12 months. (2) The contract shall apply to ea c o e reserved lots, and shall continue to affect a particular lot for a minimum ri of 15 years after the initial sale of that lot. (3) There shall be no occupa y of the uni rior to its sale to a qualifying buyer. (4) The contract shall in de a timeline by whic onstruction and sale of the reserved units will e accomplished. (5) The resale pr' e of any reserved housing unit shall n at any time during the life of the con ct, exceed the maximum amount affordable the purchasing house d. (6) T maximum sale or resale price shall be determined by HCD, c culated by sing HUD modeling for housing affordability. HUD modeling takes 1 o consideration assumptions such as interest rates, percentage of annual ' come allowed for housing, and amount of down payment. (7) In the event that the financial status of the buyer significantly improves prior to the expiration of the contract period, the buyer may lease the unit, provided that the lessee and the lease are approved by HCD. HCD shall use the standards set forth in Section 6.18.5 to determine whether or not to approve the lease. In addition, the term of the lease shall be for a minimum period of two years. (8) Violation of any of the terms of the contract required by this Ordinance may constitute grounds for revocation of the cnoG„l Use Permit and rezening of the land development approval, as provided in this Ordinance. 6.18.5 Contract for Rental of Duplex or Multi-Family Units (A) Approval of the Special Use oor itConditional District, site plan, GZ appliGatien or Preliminary Plat shall not occur until there is a contract between the property owner or developer and Orange County, which shall also be binding on future owners of the development. (B) The contract shall be administered by HCD, and shall include the following provisions: Orange County, North Carolina—Unified Development Ordinance Page 6-136