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DIV I A rT <br />8 <br />following events: 1) foreclosure, 2) transfer in lieu of foreclosure, or 3) <br />assignment of an FHA insured mortgage to HUD. OCHC shall assure compliance <br />with affordability of HOME assisted units through the CLT Land Lease <br />Agreement restrictions and by recording Exhibit C "Declaration of Restrictive <br />Covenants" on every HOME assisted property. <br />6. Resale Provisions. OCHC shall assure compliance with affordability of HOME <br />assisted units through the CLT Land Lease resale restrictions. The CLT Land <br />Lease agreement shall include at least the following elements in their resale <br />provisions for the Improvements: <br />6.1 If the original Homebuyer no longer uses the Improvement as a principal <br />residence or is unable to continue ownership, then the Homebuyer must <br />sell, transfer, or otherwise dispose of its interest in the Improvement only <br />to a low-income household, one whose combined income does not <br />exceed 80%-of the median household income as determined annually by <br />HUD, to use as their principal residence. <br />6.2 The original Homebuyer shall receive a fair return on investment (including <br />the Homebuyer's investment and any capital investment). <br />6.3 The resale provision shall remain in effect for the full HOME affordability <br />period - 99 years. <br />7. Property Standards. HOME assisted units must, at a minimum, meet the <br />housing quality standards of the HOME program 24 CFR 982.401. In addition, HOME <br />assisted units must meet all applicable local codes, ordinances, and zoning ordinances. <br />The housing must meet the accessibility requirements in the regulations <br />referenced 24 CFR 5.105 (a) which implement the Fair Housing Act and Section 504 of <br />the Rehabilitation Act of 1973. <br />8. Miscellaneous Provisions. <br />a. Termination of Agreement. The full HOME benefit of the Scarlette project <br />will be realized only after the completion of the HOME affordability periods for all <br />properties constructed with HOME funds provide affordable units to low-income <br />families. It is the County's intention that the full public benefit of this project shall be <br />completed under the auspices of OCHC for the HOME assisted units as follows: <br />i. In the event that OCHC is unable to proceed with any aspect of the <br />Scarlette Drive project in a timely manner, and County and OCHC determine <br />that reasonable extension(s) for completion will not remedy the situation, then