2021-309-Housing-Habitat for Humanity of Orange County-Housing Bond program

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41-29 or any comparable law purporting to extinguish, by the passage of time, preemptive rights in the Project dwelling units and by the Real Property Marketable Title Act or any comparable law purporting to extinguish, by the passage of time, non possessory interests in real property. Habitat and the County agree to do what each must do to accomplish the 99-ye ar duration of the Declarations of Restrictive Covenants. E. Resale Provisions Habitat shall assure compliance with affordability of each of the Project dwelling units through the Declaration of Restrictive Covenants. The Declaration of Restrictive Covenants shall include at least the following elements in its resale provisions: a. If Owner no longer uses the Project dwelling unit(s) as affordable housing or is unable to continue ownership, then the Owner must sell, transfer, or otherwise dispose of its interest in the Project dwelling unit(s) only to an agency with similar interest in affordable housing and serve families with incomes not exceeding 80% of the HUD area median household income by family size at the time of the transfer. The non-profit fund, foundation, or corporation of like purposes must have established its tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. b. However, if the Project dwelling unit(s) is sold, transferred, or otherwise disposed of other than to an agency with similar interest in affordable housing during the period of affordability, the Right of First Refusal provision in the County’s Long-Term Housing Affordability Policy must be followed and the net sales proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount of the original first mortgage and (3) the unpaid principal amount of the initial County contribution and any other initial government contribution secured by a deferred payment promissory note and deed of trust) or “equity” will be divided 50/50 by the seller of the Project dwelling unit(s) and the County. c. The resale provision shall remain in effect for the full affordability period – 99 years. d. Any proceeds from the recapture of funds under this provision will be used to facilitate the acquisition, construction, and rehabilitation of housing for the purposes of promoting affordable housing. VII. OWNER PERFORMANCE UNDER THIS AGREEMENT A. Owner agrees to use the Project funds for infrastructure and site improvements on the Property described in Exhibit A to facilitate the future construction and development of the Project dwelling units for sale to households whose income is between 30% and 80% of DocuSign Envelope ID: 32CE5800-8AE6-4AEC-B93D-DCC116731946