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�J WILLOUGHBY TOWNES 5T" STREET S.W. STREET VACATION CONDITIONS FOR APPROVAL: The Owner of the project will provide for four (4) units of affordable housing, as identified on the approved final site plan. The affordable units shall be constructed within two (2) years of receipt of the final site plan. The affordable units shall be available for sale to home buyers who qualify for a net mortgage amount in the $130,000 to$150,000 range, for households with incomes at or less than eighty percent (80%) of the area median income, which will enable such buyers to purchase a unit in the $150,000 range, subject to interest rate adjustments. The purchasers of such affordable units shall be pre -qualified by Piedmont Housing Alliance, ("PHA") or a substitute housing agency approved by the City of Charlottesville in the event that PHA ceases such activity or is unable to perform home buyer pre -qualifications. The Owner shall provide PHA a period of ninety (90) days to identify and pre -qualify an eligible buyer for the affordable units. The ninety (90) day period shall commence upon written notice to PHA that the units will be available for sale. This notice shall not be given more than sixty (60) days prior to the anticipated receipt of the certificate of occupancy. If PHA does not provide a qualified buyer during this period, the Owner shall have the right to sell the unit(s) without any • restriction on sales price or qualified buyers. First preference for the units shall be given to buyers who also qualify for supplemental financing or down payment assistance. In the event that PHA, or any substitute agency is able to arrange supplemental financing or down payment assistance for such qualified buyers, then the home buyer and PHA shall enter into an agreement to reinvest in affordable housing, any equity appreciation realized by the unit upon resale, up to the amount of such assistance. Any additional equity appreciation, in excess of the amount of the assistance may be retained by the home buyer. The table below was prepared by PHA and is provided for information only. • `l