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14 <br /> 11. Land Trust Model <br /> The Lwd Treat model unless a non-profit, commodity based organization (mown as a <br /> Community Lund Trust(CLT)whose pointed is to acquire land odd make it available to <br /> individual families and voters,such ere cooperatives,Though a long-term lease for a term <br /> up m 99 ywa. The leaseholders or h rnebuyers an not hold title tole land-the title is <br /> retained by otc CLT- tM1ey own the improvements or housing wira/atructues on the land. <br /> The benefits of this model include the ability of dre CLT b provide first-tune <br /> homemwemhip opporlwities an the armed buyer as well as production of alfordsbifity <br /> for future residents m the sale of buildings and other improvements on the land. Me <br /> land lease gives dre CLT the first option to purchase the home, when and if it is sold, at <br /> w affordable price set by a resale formula The resale drought gives homeowners a fair <br /> much for their iaveatmrnt, while keeping the price of the housing urdWsructures <br /> affordable for future residents. <br /> III. New and Existing Fint-Time Homebuyer Programs <br /> A. Period afAfPordabitry <br /> All properties supported by County financial concentrate for the purpoad of facilitating <br /> hamwwnership must remain att'ordable to familiar at or below aa/ of median income <br /> for a minimum of ninety-nine(99)Year drum the date Of initial assistance. <br /> B. Right of First Refusal <br /> A right of that refusal or right to purchase is accomplished by mews of a Declension of <br /> Restrictive Covenants an the property purchused by the fusbtime homebuyer. Any <br /> assignment, sale, transfer, cwveywce, or other disposition of the Property or airy part <br /> thereof whether voluntarily or mvolwtanly or by operation of law,C"Transfet) shall not <br /> be effective unless and until too below-described pmcedurc is followed. <br /> if the original honabuyor or any sdisequcsrt qualified homebuyer ("BUytt') <br /> contemplates a Transfer to a non law-income bouaehold as defined herein, Buyer shall <br /> send an Orange County shoot the sponsoring nonprofit mgevizatiom not less than 90 <br /> days prior to the contemplated closing date of the Transfer a"Notice of Immt to Sell." <br /> This Notice of Intent to Sell shall be accompanied by a copy of a completed, fully <br /> executed bona fide offer to purchase the Property on the th m common North Carolina Bar <br /> Association "other to outhouse arW Contract" form, ff Orange County woor the <br /> managing van-profit organizations elects to assumed its said right of ranged, it shall <br /> notify the Buyer of its elective to purchase witfdn 30 days ofits receipt of the Notice and <br /> shhall purchase tta Property or parties thermfwithin 90 days ofthe receipt of the"Notice <br /> of Intent to Scll."As between the County odd the sentencing non-profit Organisation, if <br /> both wish to odd have the means to exercise the right of first recent,the sponsoring non- <br /> profit organization shell have priority, <br />