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

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ll possessory interests in real property. Both Habitat and County agree to do what each must do to accomplish the 99 year affordability requirement. 4. Resale Provisions. Habitat shall assure compliance with affordability of assisted units through the Declazation of Restrictive Covenants. The Declazation of Restrictive Covenants shall include at least the following elements in their resale provisions for the Improvements: 4.1 If the buyer no longer uses the Property as a principal residence or is unable to continue ownership, then the buyer must sell, transfer, or otherwise dispose of their interest in the Property only to a qualified homebuyer, i.e., aloes-income household, one whose combined income does not exceed 80°Io 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 transfer, to use as their principal residence. 4.2 However, if the property is sold during the term of affordability to anon-qualified homebuyer, the Right of First Refusal provision of the New and Existing First- Time Homebuyer Program portion of the County's Long-Term Housing Affordability Policy must be followed and the net sales proceeds (sales price less: (1) selling cast, (2) the unpaid principal amount of the original first mortgage and (3) the unpaid principal amount of the initial County contribution and any other initial government contribution secured by a deferred payment promissory note and deed of trust) or "equity" will be divided 50/50 by the seller of the Property and the County. 4.3 The resale provision shall remain in effect far the full affordability period - 99 years. 5. 'Miscellaneous Provisions. a. Termination of Agreement The full benefit of the Project will be realized only after the completion of the affordability periods for all properties constructed with funds provide affordable units to low-income families. It is the County's intention that the full public benefit of this project shall be completed under the auspices of Habitat for the assisted units as follows: i. In the event that Habitat is unable to proceed with any aspect of the Project in a timely manner, and County and Habitat determine that reasonable extension(s) for completion will not remedy the situation, then Habitat will retain responsibility for requirements for any dwelling units assisted and County will make no further payments to Habitat. ii. In the event that Habitat, prior to the contract completion date, is unable to continue to function due to, but, not limited to, dissolution ar insolvency of the organization, its filing a petition for bankruptcy or similaz proceedings, or is adjudged bankrupt or fails to comply or perform with provisions of this agreement, then Habitat shall, upon