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supported by the County and Towns, this Agreement is intended to establish a shared set of <br />expectations as to what affordable housing functions CHT will provide to the County and <br />Towns. The County and Towns recognize that a shared and agreed upon set of expectations and <br />responsibilities will reduce uncertainties and allow the County and Towns to best utilize the <br />expertise and experience of CHT. <br />Section III. Agreement. <br />A. Term of Agreement - The term of this Agreement begins on July 1, 2015 and is may <br />be renewed annually. <br />B.CHT Board Representation by County and Towns — The governing bodies of the <br />County and Towns are each entitled to appoint a representative to the board of <br />directors of CHT. According to the CHT bylaws, one-third of the board of directors <br />will be CHT homeowners, one-third will be appointed persons (by County, Towns and <br />the University of North Carolina at Chapel Hill [hereinafter UNC]), and one-third of <br />the directors will be members of the community who support the work of CHT. The <br />County and Towns' appointees to the board of directors enable the County and Towns <br />to remain informed of the work of CHT and, in fact, to exert influence over that work. <br />C. CHT Responsibilities <br />It is agreed that CHT's responsibilities include the following: <br />1. Create and maintain homes that are affordable for purchase by low and moderate <br />income households earning up to 115% of AMI; <br />2. The CHT Board of Directors is responsible for the financial health and well-being of <br />the organization to ensure the organization is well managed and able to meet the <br />expectations of the County and Towns; <br />3. CHT agrees to generate a portion of its own funding each year. The principal <br />sources of this revenue are fees from sales of new homes added to the portfolio, re- <br />sales of homes already in the portfolio, ground lease fees and fundraising efforts. <br />4. The CHT Board of Directors will hire, periodically evaluate and, as necessary, <br />replace the organization's Executive Director; <br />5. Sell homes using the community land trust (CLT) model, wherein homes are <br />conveyed to buyers using a 99-year ground lease. The CLT model enables homes to <br />remain affordable to future generations of low and moderate income households. <br />CHT will be expected to continually revise its model to meet changing <br />circumstances and to reflect best practices; <br />6. Advocate for affordable housing policies at the local, state and national levels. <br />7. Create affordable housing opportunities, whether through purchase and rehab, or <br />otherwise, that are outside the inclusionary housing realm; <br />8. Implement and manage inclusionary housing programs as requested by the Towns <br />and County. <br />DocuSign Envelope ID: 661EAD7F-FE47-4A45-B444-58DD5423D410