Resolution 2010-34 - Laserfiche WebLink

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(a), above, FHFH shall reconvey the Property back to the LHA. In the event FHFH does not complete development of the Property for affordable housing by the deadline stated in (b), above, FHFH shall reconvey back to LHA those lots or sites within the Property that, as of such deadline, do not have an affordable housing unit constructed or under construction upon them. Any reconveyance required under this Section shall be at no cost to LHA, with title to the Property to be reconveyed by FHFH to LHA subject to no liens and encumbrances other than those existing at the time of conveyance to FHFH. In the event of any reconveyance required under this Section, LHA shall have the option, but not the obligation, to purchase from FHFH all plans and drawings developed by FHFH for the Property, at a price mutual agreed upon by LHA and FHFH. For any required reconveyance, no other considerations shall be paid or returned other than amounts agreed upon pursuant to the immediately preceding sentence, and each party shall bear its own costs, fees and expenses for such reconveyance. Further, in the event of reconveyance required under this Section, the Property shall remain subject to the use limitations hereof and, specifically, shall be used solely as an affordable housing site for the construction by LHA of an LHA -owned and operated affordable housing project. Any reconveyance required under this Section shall be completed within one year of deadline with which FHFH has failed to comply, and FHFH shall have the right to cure its noncompliance within such one -year period. 8. Green Building Techniques. FHFH agrees that any affordable housing development by it upon the Property will be developed using green building techniques that are LEED certifiable. 9. Definition of "Affordable Housing For purposes of this Agreement, "affordable housing" means residential housing which is restricted in sale for the purpose of providing single family dwelling accommodations within the means of persons of low and moderate income with household annual incomes below 80% of the Area Median Income (AMI). "Area Median Income (AMI)" means the annual median income for the Boulder Longmont PMSA as defined and determined by the United States Department of Housing and Urban Development (HUD) from time to time, or such successor index or figure as HUD may establish. 10. Initial Sales of Units by FHFH. FHFH agrees that the initial sale of each of the affordable housing units shall be subject to the following terms and conditions, which shall be in addition to any requirements or restrictions FHFH may place upon the initial sale or any subsequent transfer of units: (a) Any initial sale of a unit by FHFH shall be restricted to a household whose aggregate annual income is at or below 60% AMI, such determination to be made according to criteria no less restrictive than those used by the LHA in administration of LHA -owned and operated affordable housing. At least 15 days prior to the date of closing of an initial sale, FHFH shall provide to the City and LHA written evidence demonstrating that the initial buyer meets such criteria. (b) For a period of not less than the first 30 days of active marketing of a unit, preference for the purchase of the unit will be given to eligible households where at least one person of the household is a resident of Louisville or a full -time employee working in Louisville 3