Orange County NC Website
Browse       Search
DRAFT <br />17 <br />OCHC shall be responsible for explaining the second mortgage program to potential <br />buyers and certify by written documentation signed by the buyer that the program <br />requirements have been fully explained. OCHC shall maintain purchaser files for a <br />period of 99 years following completion of the development of the Property. <br />2. Progress Payments. The County shall make progress payments, when requested by <br />OCHC, as the work progresses. Payments shall be based upon work completed and <br />approved by County. Progress payment requests shall be based on actual costs incurred <br />by OCHC identified in the Budget as described in attached Exhibit A. Payment requests <br />shall be accompanied by copies of documentation for actual expenses. Request amounts <br />shall be verified by County for satisfactory completion prior to payment. <br />3. Time for Commencement and Completion. OCHC shall commence the Work within <br />three (3) years of the date of this agreement. OCHC will be responsible for providing <br />status reports to the County quarterly detailing the project activities until project <br />completion. In addition, OCHC agrees to furnish to the County a copy of its annual <br />audit, performed by a certified public accountant within 90 days of the end of each fiscal <br />year until the Project is complete. <br />Completion date shall be designated as the closing date of the purchase of the final <br />Scarlette Drive property. In the event that OCHC is unable to proceed with any aspect of <br />the project in a timely manner, and County and OCHC determine that reasonable <br />extension(s) for completion will not remedy the situation, then the conditions of <br />termination shall be in effect. OCHC may, at its option, submit -a written request for a <br />delay of completion for County approval. Any delay in the completion date shall be <br />approved by County. <br />OCHC shall monitor the constructed units for affordability for the period of affordability <br />- ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br />assisted unit affordability periods. <br />4. Affordability Requirement. The units must remain affordable for period of ninety-nine <br />years. OCHC retains full responsibility for compliance with the affordability benefit for <br />assisted units, unless affordability restrictions are terminated due to the occurrence of any <br />of the following events: 1) foreclosure, 2) transfer in lieu of foreclosure, or 3) assignment <br />of an FHA insured mortgage to HUD. OCHC shall assure compliance with affordability <br />of assisted units through the CLT Land Lease Agreement restrictions and by recording <br />Exhibit B "Declaration of Restrictive Covenants" on every assisted property. <br />5. Resale Provisions. OCHC shall assure compliance with affordability of assisted units <br />through the CLT Land Lease resale restrictions. The CLT Land Lease agreement shall <br />include at least the following elements in their resale provisions for the Improvements: <br />5.1 If the original buyer no longer uses the Improvement as a principal residence or <br />is unable to continue ownership, then the buyer must sell, transfer, or otherwise <br />21