2024-534-E-Housing Dept-Habitat for Humanity of Orange County-Affordable Housing

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Agreement and (iv) Declaration of Restrictive Covenants (collectively referred to as “Orange County Loan Documents”), shall not expressly be subordinated to any other documents except those documents scribed in §§ II.A.2. and II.A.3 above. IV. TIMELINESS The HOME Awardee shall complete the Project by June 30, 2024, and sell all homes by October 31, 2024. However, in the event of any alterations or additions or of circumstances beyond the control of the HOME Awardee, which in the opinion of the Director of the County’s Department of Housing and Community Development will require additional time for completion of the Project, then in that case, the time of completion shall be extended by the County Manager in writing for a period of time not to exceed six (6) months. Any further extensions will require the approval of the Orange County Board of County Commissioners. A ratified sales contract for the Property or Properties must be executed with an eligible homebuyer(s) within nine (9) months of the date of completion of construction or rehabilitation. V. DURATION OF THE AGREEMENT This Agreement will remain in effect for the HOME Affordability Period as provided in Section VI, Affordability Requirements. Upon expiration of the Agreement, the HOME Awardee 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. VI. AFFORDABILITY REQUIREMENTS A. The HOME Awardee agrees to build and sell the Project dwelling units to up to sixteen (16) low-income families earning between 30% and 80% of the area median income 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. The HOME Awardee 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. Income Determination HOME regulations limit assistance to households with incomes at or below 80% of the Area Median Income (AMI). Income eligibility will be determined using the Part 5 (Section 8) definition of income. The total household income will be used for eligibility purposes and must be documented with at least one month of source documentation (e.g. paystubs, benefit records, bank statements). Income attributable to all household members, whether or not related to one another by blood or marriage, will be Docusign Envelope ID: 9307EECF-67A0-42F5-A601-DB137FFD8FA3