S Grant - Orange Community Housing and Land Trust Inc

Browse Search

• Housing and Urban Development at the time of the sale. OCHLT shall provide no less than 90 days notice to the current tenant prior to scheduled demolition of the project dwelling unit. d. The period of affordability will be at least 99 yeazs and is secured by a Declazation of Restrictive Covenants (Exhibit A) with restrictions to ensure compliance. e. OCHLT is responsible for verifying the income of prospective tenants and buyers and maintaining eligibility data.. OCHLT shall maintain tenant files as part of its Books and Records as required and for the period of time required by Section 6c.of this Agreement. OCHLT must provide the County an initial occupancy report verifying the income eligibility of all tenants at the time of initial lease-up. Further, OCHLT must furnish the County with an annual report on the Project dwelling unit by July 31 of each yeaz thereafter certifying that all tenants earn less than 80% of the azea median income by family size, as determined by the U.S. Department of Housing and Urban Development and as amended from time to time. 2. At the time of resale of the project dwelling unit, OCHLT will convey a housing unit to a qualified homebuyer. Each housing unit will consist of a 99 yeaz Ground Lease (renewable for an additional 99 years) to the project dwelling unit. The Ground Lease, the form of which is Exhibit C hereto, provides for the long term affordability (at least • 99 years) of the housing unit and provides remedies to insure the long term affordability of the housing unit. OCHLT hereby declares and covenants, on behalf of itself and all future owners of the Properly, that, during the term of this Declaration, the County is a third party beneficiary of and successor to each and every remedy intended to insure the long term affordability of the housing unit that is provided for in the Ground Lease and may, in the event of the failure or default of the Lessor in the Ground Lease to insure the long term affordability of the housing unit as provided for in the Ground Lease, exercise all rights and remedies available to the Lessor in the Ground Lease for that purpose. 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 mazket value. 4. Time for Commencement and Completion. The Project must begin within six (6) months of the date of this Agreement. 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 conveyance of a dwelling umt 2