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DRAFT <br />7 <br />fourteen (14) townhomes that will be placed in the CLT. The townhomes on that <br />land shall remain affordable to low-income households (Homebuyer), households <br />whose annual income is not greater than 80% of the median income for the area, <br />as determined by HUD published area median income for a minimum of ninety- <br />nine (99) years. <br />2. HOME Assisted Units Designation. HOME funds will be used as part of <br />OCHC's Scarlette Drive construction budget. HOME assisted units must be the <br />principal residence of the first time homebuyer, low-income household. All units, <br />five or more, that include assistance with HOME funds, will have a HOME <br />assisted unit designation. <br />3. Progress Payments. The County shall make progress payments, when <br />requested by OCHC, as the work progresses. Payments shall be based upon <br />work completed and approved by County. Progress payment requests shall be <br />based on actual costs incurred by OCHC identified in the Budget as described in <br />attached Exhibit B. Payment requests shall be accompanied by copies of <br />documentation for actual expenses. Request amounts shall be verified by County <br />for satisfactory completion prior to payment. <br />4. Time for Commencement and Completion. OCHC shall commence the Work <br />immediately following execution of contract and complete construction and sale <br />of the townhomes within eighteen (18) months of execution of contract. <br />Additionally, OCHC will be responsible for providing status reports to the County <br />quarterly detailing the project activities until project completion. <br />Completion date shall be designated as the closing date of the purchase of the <br />final Scarlette Drive property. OCHC may, at its option, submit a written request <br />for a delay of completion for County approval. Any delay in the completion date <br />shall be approved by County. In the event that OCHC is unable to proceed with <br />any aspect of the project in a timely manner, and County and OCHC determine <br />that reasonable extension(s) for completion will not remedy the situation, then the <br />conditions of termination shall be in effect. <br />OCHC shall monitor HOME assisted units for affordability for the period of <br />affordability - ninety-nine (99) years. Final contract completion date shall be the <br />latest end date of all HOME assisted unit affordability periods. <br />5. Affordability Requirement. HOME assisted units must remain affordable for <br />period of ninety-nine years. OCHC retains full responsibility for compliance with <br />the HOME affordability benefit for HOME assisted units, unless HOME <br />affordability restrictions are terminated due to the occurrence of any of the