Agenda - 10-17-2000-8f - Laserfiche WebLink

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9 i. An appraisal by a qualified appraiser. ii. Tax assessment may be used to establish value, but only if they are current and can be computed at 100% of market value. b. Habitat shall construct the dwelling units defined in the Project, obtain all permits and licenses necessary to construct the homes on the Property, and comply with applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy Standards. The Project shall be undertaken without residential displacement. c. Habitat shall sell the newly constructed dwelling units to qualified buyers whose income is up to 50% of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the sale. d. The HOME funding provided by the County will be provided as a deferred second mortgage transferable to the individual families at the tame of sale to them. The bond investment will be secured by a forty (40) year Deed of Trust and Promissory Note, forgivable at the end of 40 years. This Deed of Trust and Promissory Note shall constitute a lien on the Property, second only to the Declaration of Restrictive Covenants described in paragraph 4 of this Agreement, with the County as the secured party beneficiary. The County agrees to subordinate its Deed of Trust lien on the Property to a lien securing private construction financing acquired by Habitat in order to complete the project. d. At the time of closing of the sale of each of the dwelling units to a homebuyer, Habitat shall repay the County $10,000 in the form of a credit to the homebuyer. The credit to the homebuyer shall be documented by a Promissory Note from the homebuyer to the County which note shall be secured by a Deed of Trust on the Property naming the County as beneficiary. The County agrees to subordinate its Deed of Trust lien to a lien securing private permanent financing acquired by the homebuyer. e. The period of affordability will be 99 years and will be secured by a Declaration of Restrictive Covenants that will incorporate a right of first refusal that may be exercised by Habitat and/or Orange County. £ Habitat is responsible far soliciting buyers for the dwelling units constructed on the Property: Habitat and/or its buyers shall be responsible for securing permanent mortgage financing for the homes built on the Property. g. Habitat is responsible for verifying the income of the homebuyers, explaining the second mortgage program to potential homebuyers and certifying by written documentation signed by the homebuyer that the program requirements have been fully explained. Habitat shall maintain purchaser files as part of its Books and Records as required and far the period of time required by Section (.c. of this Agreement.