S Housing - Development Agreement Orange Co and Affordable Rentals Ins $140,000

Browse Search

3. Each housing unit must have a value that does not exceed 95% of the area median purchase price for that type of housing. Value must be established by one of the following methods: i. An appraisal by a qualified appraiser. ii. Tax assessments may be used to establish value, but only if they are current and can be computed at 100% of market value. 4. Time for Commencement and Completion. The Project must begin within one (1) year of the date of this Agreement. OCHLT will be responsible for providing status reports to the County quarterly detailing the project activities until project completion. In addition, OCHLT agrees to furnish to the County a copy of its annual audit performed by a certified public accountant within 90 days of the end of each fiscal year until the Project is complete. The Project completion date is the closing date of the Ground Lease by a qualified buyer of the last of the Project dwelling units. In the event that OCHLT is unable to proceed with any aspect of the project in a timely manner, and County and OCHLT determine that reasonable extension(s) for completion will not remedy the situation, then the Termination of Agreement provisions of this Agreement (Section 7.a.) shall pertain. OCHLT may, at its option, submit a written request for a delay of completion for County approval. The County may, at its option, approve any delay in the completion date or declare OCHLT in default. OCHLT shall monitor the housing units for affordability for the period of affordability - ninety-nine (99) years and, if renewed, an additional ninety-nine years. Final contract completion date shall be the end date of the last affordability period. 5. Affordability Requirement. Each housing unit must remain affordable for a period of ninety-nine years. OCHLT retains full responsibility for compliance with the affordability requirement for assisted housing units. OCHLT shall assure compliance with affordability of assisted housing units by having recorded, no later than the time it leases the first of the housing units, a "Declaration of Restrictive Covenants" (Exhibit A) on the Property. This Declaration shall constitute and remain a first lien on the Property during the period of affordability, unless otherwise provided by law or unless otherwise agreed by County. It is further the responsibility of OCHLT to rerecord the Declaration of Restrictive Covenants no later than one day before the expiration of 30 years of the date of its lease of each of the housing units in the event the homeowner leasing the housing unit from OCHLT is still the owner of the housing unit at the time of the rerecording. County retains the right to periodically and every 30 years after the first recording of the Declaration of Restrictive Covenants to register, with the Register of Deeds of Orange County, a notice of preservation of the restrictive covenants on the Property as provided in North Carolina General Statute § 4713-4 or any comparable preservation law in effect 3