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Article 6: Development Standards 285 <br /> Section 6.19: Adequate Public Facilities: Schools <br /> (1) All rental applications shall be approved by(HCD)toassyFe 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 o <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 requir ents may <br /> continue to occupy the rental unit, unless otherwise requir through <br /> terms of the rental agreement between the lessor and le ee. <br /> Every change in occupancy during the 15 year term of the co act shall be <br /> approved by HCD to assure continued compliance with eligi ility criteria. <br /> (3) Maximum Allowable Rent <br /> a) The maximum rent allowed shall be compute y multiplying the <br /> applicable percentage of median income by e value of median income <br /> at the time of the transaction, then multipl ' g the resulting value by the <br /> maximum percentage of income spent if housing, as recommended by <br /> he mortgage banking industry. <br /> (b) Th value for median income used ' calculating maximum allowable <br /> rent hall be adjusted to reflect t maximum family size appropriate for <br /> the nu ber of bedrooms, as d rmined by HCD. <br /> 6.18.6 Disclosure of Contract Terms to otential Home uyers <br /> (A) Staff from the Planning D artment nd the Department of Housing and Community <br /> Development shall meet wit the ospective buyer prior to the purchase to assure <br /> that all terms of the contract a Ily understood. Explanation of the terms of the <br /> contract shall include the follo implication: <br /> (1) Building permits for the ' prov ents to the structure may be obtained if the <br /> owner wishes to rem el or con uct an addition, or construct accessory <br /> structures. Howev there is no a urance that the investment will be regained <br /> if the unit is sold for to the expiratio of the contract due to the requirement that <br /> it be purchased y a moderate income ousehold. <br /> (B) Home ownershi counseling shall be made a ilable to first time buyers to provide <br /> information on uch topics as insurance and mai tenance. The counseling shall be <br /> provided by e Department of Housing and Com unity Development. <br /> 6.18.7 Conveyance of Pro rty to Orange County <br /> (A)/An <br /> nated to Orange County pursuant to Section 6.1 3(D)to enable a developer <br /> a density bonus shall be donated in trust for the p pose of the <br /> ment of affordable housing. <br /> (B) ement between the developer and Orange County and t e instruments of <br /> nce shall insure this trust as determined by the County At rney. <br /> SECTIONA■ • SCHOOLS <br /> 6.19.1 P rpose <br /> The purpose of this Section is to ensure that, to the maximum extent practical, approval new <br /> residential development will become effective only when it can reasonably be expected tha <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 />