Orange County NC Website
Browse       Search
5 <br /> <br />b. However, if the Property is sold, transferred, or otherwise disposed of other <br />than to an agency with similar interest in affordable housing during the <br />period of affordability, the Right of First Refusal provision in the County’s <br />Long-Term Housing Affordability Policy must be followed and the net sales <br />proceeds (sales price less: (1) selling cost, (2) the unpaid principal amount <br />of the original first mortgage and (3) the unpaid principal amount of the <br />initial County contribution and any other initial government contribution <br />secured by a deferred payment promissory note and deed of trust) or <br />“equity” will be divided 50/50 by the seller of the Property and the County. <br /> <br />c. The resale provision shall remain in effect for the full affordability period – <br />99 years. <br /> <br />F. Any proceeds from the recapture of funds under this provision will be used to <br />facilitate the acquisition, construction, and rehabilitation of housing for the <br />purposes of promoting affordable housing. <br /> <br />VI. OWNER PERFORMANCE UNDER THIS AGREEMENT <br />A. Owner agrees to lease the Project dwelling units to households whose income does <br />not exceed 60% of the HUD area median income by family size, as determined by <br />HUD and amended from time to time, with priority given to homeless and/or <br />disable households. Monthly rents must not exceed the HUD Published Fair <br />Market Rents in effect at the time of occupancy. Residential leases shall not exceed <br />one year in term. <br />B. Owner shall acquire the Property and construct the Project dwelling units. The <br />Project dwelling units shall be occupied no later than six months after Project <br />completion. In the event Owner is unable to complete its obligations to acquire, <br />construct, and occupy the Project dwelling units within this time or by the <br />extensions approved by the County under the terms of this Agreement, Owner will <br />be required to repay the full amount of the County’s outstanding loan as provided <br />in the County Loan Documents. <br />C. Owner shall ensure the Project dwelling units meet the Section 8 Housing Quality <br />Standards (HSQ) prior to leasing. All construction and repair work must be <br />completed in accordance with applicable building and zoning ordinances and N.C. <br />Housing Finance Agency Energy Standards. <br />D. Owner is responsible for verifying the income of prospective tenants and <br />maintaining eligibility data. Owner shall maintain tenant files as part of its Books <br />and Records as required and for the period of time required in Section VIII. C.3 of <br />this Agreement. Owner must provide the County an initial occupancy report <br />verifying the income eligibility of all tenants at the time of initial lease -up. Owner <br />must furnish the County with an annual report of the Project dwelling units by July <br />DocuSign Envelope ID: C902EFF9-56ED-450F-9212-1E71966C673A