2023-026-E-Housing-The Community Empowerment fund-Use of home funds-subsidy type

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of time not to exceed six (6) months. Any further extensions will require the approval of the Orange County Board of County Commissioners. IV. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability Period as provided in Section VI, Affordability Requirements. Upon termination or expiration of the Agreement, the Community Empowerment Fund must transfer to the County any HOME funds on hand at the time of expiration and any accounts receivable attributable to the use of HOME funds. V. AFFORDABILITY REQUIREMENTS Community Empowerment Fund agrees to provide down payment assistance for first- time homebuyers earning between thirty percent (30%) and eighty percent (80%) of the area median as determined during the initial eligibility period. Families may not earn more than 80% of the area median income at the time of sale of the property. Area Median Income by family size is determined by the U.S. Department of Housing and Urban Development and amended from time to time. CEF must follow the income determination procedures specified in the Orange County Homebuyer Underwriting Standards, in accordance with 24 CFR 92.203. The income determination procedure is incorporated below. The Declaration of Restrictive Covenants shall provide that each of the Project dwelling units must remain affordable, according to the requirements of the HOME Program, for the HOME Affordability Period of 5 years, after which time, each of the Project dwelling units must adhere to the requirements of the County’s Long-Term Housing Affordability Policy and continue to remain affordable for a period of ninety-nine years. CEF shall retain full responsibility for compliance with the affordability requirement for each of the Project dwelling units, unless affordability restrictions are terminated due to the sale of the Property to a non-qualified buyer and repayment of the HOME investment. If the original homebuyer(s) wish to sell or transfer the Property during the HOME Affordability Period, the HOME Resale Provisions of this Agreement pertain. In the event of a sale of the Property, CEF assures compliance with affordability requirements of each of the Project dwelling units as provided in the Declaration of Restricted Covenants on the Property. In the event that the original homebuyer(s) violate the HOME principal residence requirement, to include sale or transfer of the Property to a non- qualified buyer during the HOME Affordability Period, the Property will be found noncompliant with HOME requirements and the HOME investment must be repaid to the County. The Declaration of Restricted Covenants shall constitute and remain a lien on the Property during the entire period of affordability. The CEF agrees to retain full responsibility for compliance with the Affordability Requirements provided in Section IV.B above and the Recapture Provisions provided in Section 4B of Exhibit C, Declaration of Restrictive Covenants. CEF acknowledges they will act in good faith to remain in contact with the beneficiaries of CEF’s obligations. DocuSign Envelope ID: 5B8E357F-436A-4B92-B6EA-A3046F40AC7EDocuSign Envelope ID: 66442AA5-FA51-4D49-BD8A-B8CAFCBD6F8B