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4 <br />Proiect Completion: All Existing Housing Program activities should be completed within tlrree <br />years of funding award. All New Construction program activities should begin within three years <br />of funding award, Proiect irritiation for new construction and lnnd bnrrkixx is defined as the <br />acquisition of a buildingper°mit. All land bankineprojects aeGi~i-ties should be initiated within <br />fve nears of fimdine, with a proeress report to the Commissioners within thr°ee nears of the <br />funding award nntl murrrnlly tJterenfter If the project is not initiated in a timely manner the <br />land will revert to Orange County. d tiv~t~e:r-sbeuld-b <br />e€-fandingtt~v-ura'-1'-r-or~«i:ritir.~io:~ sdefine,r •~^ :•: ^r ^ ''. ;r''in~~{rermit: Any <br />requests for time extensions will be granted at the discretion of the Board of County <br />Commissioners and must be submitted at least six months prior to the deadline date. County <br />initiated acquisitions/activities are exempt from the pro-eet completion requirement. this <br />~eq~lii'Cfn Bfft~ <br />Reporting Requirements: Bond fund recipients will be required to submit status reports to the <br />County. (See Attachment 2). <br />LeveraQin~ Requirements: Projects that do not leverage other financial resources will not be <br />funded.. Examples of other available resources include: the Community Development Block <br />Grant (CDBG) Program, HOME Investment Partnerships Program, NC Housing Finance Agency <br />Programs, as well as local general fiord contributions, private bank financing, equity <br />contributions from the end-user and/or the developer, and philantluopic funds. <br />Long Term Affordability Requirements: All projects must meet the County's Long-Term <br />Housing Affordability Policy. See Attachment 3. <br />