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<br /> <br />- 3 - <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />alternative security) would terminate and, if applicable, be subject to re- <br />conveyance based upon terms in the Grant Agreement. . <br /> <br /> The Grant Agreement shall require that the owner of the Property execute a <br />regulatory agreement with a declaration of covenants, conditions and restrictions <br />("Regulatory Agreement") to develop the Property with 40 affordable units, as <br />described herein, on terms agreeable to the City. The Regulatory Agreement shall <br />run with the land for the duration of the affordability covenants. <br /> <br /> Developer will comply with the attached Schedule of Performance. The Schedule <br />of Performance is designed to ensure timely progress and adherence to HOME <br />Program Fund expenditure deadlines, as mandated by federal funding regulations. <br /> <br /> Provided the Developer constructs the Project according to the Scope of Work and <br />Schedule of Performance, the Developer will be subject to no repayment <br />obligation. Upon the initial sale of all units to eligible households pursuant to the <br />Regulatory Agreement, the Grant Agreement shall automatically terminate. In the <br />event the Project is not constructed in compliance with the Scope of Work and <br />Schedule of Performance, the City may terminate the Grant Agreement and may <br />seek repayment of Grant monies not expended on development and construction <br />of the Project pursuant to the default remedy provisions of the Grant Agreement. <br /> <br /> The 40 affordable ownership units at the Project shall and will be restricted to an <br />affordable home purchase price, which will require that 30 homes be sold to <br />qualified Low-Income Households who earn up to 80% of the Orange County AMI <br />and 10 homes be sold to qualified Moderate-Income Households who earn up to <br />120% of the Orange County AMI, as set by the Department of Housing and Urban <br />Development (“HUD”). Future sales of such single-family homes will be restricted <br />to income-qualified households for a period of at least forty-five (45) years, unless <br />City and Developer agree upon an alternative resale model allowing homeowners <br />to generate additional equity. <br /> <br /> City and Developer shall evaluate and negotiate the restrictions on resale of the <br />individual single-family homes to determine the benefit of generating additional <br />equity for each household. Any resale restrictions shall comply with requirements <br />of federal, state or local law. <br /> <br /> Developer will have a local preference for families who live or work in the City of <br />Santa Ana in the selection of Low- and Moderate-Income Households in <br />compliance with Santa Ana Municipal Code Section 8-3500. <br /> <br /> Developer will comply with the federal Uniform Relocation Assistance and Real <br />Property Acquisition Policies Act (“URA”) and any other applicable federal, state, <br />or local laws governing relocation or termination of tenancy (collectively, <br />"Relocation Laws"). Developer shall provide the existing tenants on the Project <br />EXHIBIT 2