Agenda - 10-07-2008 - 6a - Laserfiche WebLink

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District Two (2) and Three (3), as shown on the Project Master Plan, has been designated as the location for a maximum of two hundred (200) residential dwelling units developed on the second and/or third floor of non-residential developments. These units shall be condominiums, with no freestanding single- family/patio home or town home development permitted. BRA shall be entitled to build a maximum of two hundred (200) dwelling units as shown on the BVPD Master Plan in accordance with the conditions contained herein and subject to the following additional requirements: A total of fifteen percent (15%) of the total constructed units shall be sold to a non-profit corporation that has obtained federal tax exempt status, such as the Orange Community Housing and Land Trust (OCHLT), other similar entity with the ability to ensure long term housing affordability substantially equivalent to a ninety-nine (99) year affordability requirement or longer, or a County agency (hereafter 'the Designated Entity'), , for the purpose of making affordable housing units available in the Project to Orange County residents, 2. The affordable units may only be conveyed to Qualified Buyers. "Qualified Buyers", at a minimum, areindividuals or families: (I)with gross incomes not more than 80% of the median family income for the Metropolitan Statistical Area ("MSK) in which the Project is located, as determined by statistics provided by the U.S. Department of Housing and Urban Development ("HUD") as of January 1 of the year in which the deeds for the dwelling units are transferred; (2) who live or work within Orange County; (3) who will occupy the units and not use the same as rental properties; and (4) comply with any additional requirements of the Designated Entity. 3. This Designated Entity shall be responsible for establishing the appropriate mechanisms to guarantee that the affordable units shall be affordable and available to Qualified buyers for a term greater than 99 years. 4. This Designated Entity shall be responsible for recording in the Orange County Registry, covenants, deed restrictions, and other agreements as necessary to guarantee the long term affordability of the units, and to ensure compliance with the other requirements of this Section R. , 5. BRA shall be responsible for: a. Providing vehicular and pedestrian access to the units, b. Providing any necessary cross-access easement agreements allowing for access to the units, C. Insuring that all public utilities are available to support the aforementioned units. ME