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• <br />• <br />• <br />parties agree to extend the loan for an additional term. In the event of non - repayment of <br />the loan by the purchaser, PHA shall assign all of its rights and interest in the note and <br />deed of trust to the City of Charlottesville. <br />(3) During the five year term of the loan the 57 rental units shall be leased to <br />families with a household income no greater than eighty percent (80 %) of the <br />Charlottesville area median household income. During the five year term of the loan the <br />amount of monthly rent charged to each of the 57 households, or the amount of rent paid <br />by each household that is the beneficiary of a rent subsidy, shall not increase by more <br />than five percent (5 %) per annum. <br />(4) Within sixty (60) days of closing all 57 units shall be inspected for <br />compliance with Section 8 housing quality standards. Any noncompliance with those <br />standards shall be remedied by the purchaser within thirty (30) days of inspection, or <br />within such other mutually agreed upon time period. <br />(5) Repayment of a proportionate share of the loan proceeds will be due on the <br />sale of any of the units within the five year loan term. <br />(6) In addition to any conventional financing for the acquisition of the Dogwood <br />Housing properties, the purchaser shall make a significant equity investment in the <br />property, in an amount of approximately $425,000. <br />(7) Within its existing resources PHA shall provide the purchaser with technical <br />assistance regarding the leasing and continued occupancy of the 57 dwelling units by <br />qualifying families. <br />The City Manager is authorized to execute on behalf of the City the documents <br />necessary to effectuate this transaction, in form approved by the City Attorney. <br />Approved by Council <br />September 4, 2007 <br />v`7 <br />er • of City Council <br />