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4 <br />c. The property to be acquired must have a value that does not exceed 9S°Io of <br />the area median purchase price for that type of housing. <br />Value must be established by one of the following methods: <br />i. An appraisal by a qualified appraiser. <br />ii. Tax assessments may be used to establish value, but only if they are <br />current and can be computed at 100% of market value. <br />d. Transfer of property that includes rehabilitatian requires an appraisal by a <br />qualified appraiser. If rehabilitation is required,' the appraised value of the <br />proerty after rehabilitation cannot exceed 9S% of the median area house <br />value. (Nate, the property value -- not purchase price -must be equal to or <br />less than 95% of median purchase price.) The after rehabilitation value <br />estimate must be completed prior to the investment of HOME funds. <br />e. The period of affordability will be 99 years and will be secured by a Deed of <br />Trust ,Promissory Note, and Declazation of Restrictive Covenants that will <br />incorporate a right of first refusal that may be exercised by EmPOWERment <br />and/or Orange County. <br />e. EmPOWERment agrees to lease the property to a family whose income does <br />not exceed $0% of the area median income by family size, as determined by <br />the U.S. Department of Housing and Urban Development and as amended <br />from time to time. <br />f. Any rental income in excess of the approved rental operations budget must be <br />returned to Orange County at the end of the July 1 fiscal year annually. <br />g. EmPOWERrment is responsible for verifying the income of prospective <br />tenants and maintaining eligibiliy data. EmPOWERment shall maintain <br />purchaser files as part of its Books and Records as required and for the period <br />of time required by Section 6.c. of this Agreement. <br />4. Affordability Requiremen#. Each unit must remain affordable for. a period of ninety- <br />nine yeazs. EmPOWERment retains full responsibility for compliance with the <br />affordability requirement for assisted units, unless affordability restrictions are <br />terminated due to the sale of the Property to anon-qualified buyer in which event the <br />Resale Provisions of Section S of this Agreement pertain., EmPOWERmenC shall assure <br />compliance with affordability of assisted units by having recording a "Declaration of <br />Restrictive Covenants" (EXHIBIT C) on the Property. This Declaration shall constitute <br />and remain a first lien on the Property during the period of affordability. <br />It is further the responsibility of EmPOWERment to rerecord the Declaration of <br />Restrictive Covenants no later than one day before the expiration of 30 years of the date <br />of the purchasing the property in the event that EmPOWERment is still the owner of the <br />