2026-056-E-Housing Dept-Habitat for Humanity Orange County-CIP

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N/A IV. TIMELINESS Habitat for Humanity of Orange County shall complete the Project by June 30, 3031. However, in the event of any alterations or additions or circumstances beyond the control of Habitat for Humanity of Orange County, which in the opinion of the Director of the County’s Department of Housing and Community Development Department will require additional time for completion of the Project, 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 extension will require the approval of the Orange County Board of County Commissioners. V. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability as provided in Section VI, Affordability Requirements, the term of which is ninety-nine (99) years from proper recording of the Orange County Declaration of Restrictive Covenants in the Orange County Registry. VI. AFFORDABILITY REQUIREMENTS A. Habitat for Humanity of Orange County agrees that, upon completion of vertical construction of the affordable housing units on the Property (hereinafter, “the Project dwelling units”), sixty (60) of the Project dwelling units located on the Property shall be sold to households whose income is between thirty percent (30%) and eighty percent (80%) of the HUD area median income by family size, throughout the 99 year Period of Affordability. The Area Median Income by family size is determined by the U.S. Department of Housing and Urban Development and amended from time to time. B. Sixty (60) of the Project dwelling units must remain affordable throughout the Affordability Period. Habitat for Humanity of Orange County retains full responsibility for compliance with affordability of sixty (60) of the Project dwelling units on the Property by having recorded a "Declaration of Restrictive Covenants," the form of which is attached hereto as Exhibit D (hereinafter, “the Declaration”) on the Property. This Declaration shall constitute and remain a lien on the Property during the Period of Affordability. The Period of Affordability starts from the date of recording of the Declaration and continues for a period of ninety-nine years thereafter. C. Habitat for Humanity of Orange County agrees to the affordability requirements as provided herein and the Resale Provisions provided in Exhibit D, Declaration of Restrictive Covenants, Section 4A. D. It is further the responsibility of Habitat for Humanity of Orange County to rerecord the Declaration of Restrictive Covenants periodically and no less often than one day less than every thirty (30) years from the date hereof for the purpose of renewing the rights of first refusal in the Property or portion thereof including any leasehold interest Docusign Envelope ID: 4B02F05F-1410-4DCD-BCEE-8DD7A7B20DAF