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2. AFFORDABLE HOUSING. The applicant will provide at least two of its twenty-one units for affordable owner occupied housing. The designation of these units will be • identified on the approved final site plan. The affordable units will be constructed within two years of the approval of a final site plan by the city, and their price points will be targeted to households with incomes at or less than 80% of the area median income, as defined by VHDA. 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. The applicant shall provide the aforesaid housing agency a period of 90 days within which to identify and pre -qualify eligible buyers for the affordable units. The ninety -day period will commence upon written notice to the applicable housing agency, but shall not be given more than 60 days prior to the anticipated receipt of a certificate of occupancy by the applicant. If PHA or the housing agency does not provide a qualified buyer during this period, the applicant shall have the right to sell the units without restriction on sales price or qualified buyer. In providing a qualified buyer, PHA or the housing agency shall give preference to buyers who qualify for supplemental financing or downpayment assistance and are, in followingorder: rder: 1. Employees of the City of Charlottesville or its school division. 2.- If a qualified buyer is not identified from the above, then to residents of the City of Charlottesville. 3. If a qualified buyer is not found from the above, then to citizens who are • employed by employers who have their place of business in the City of Charlottesville. A buyer qualified by PHA or the agency shall enter into an agreement with that agency to return 50% of the equity appreciation realized by the unit's resale, as determined by subtracting the equity in the property at the time of initial sale from the equity in the property at the time of resale;_ provided, however, that in no case shall the amount transferred to the agency be greater than that amount permitted to be recaptured by the source that provided the subsidy. In the aforesaid agreement, equity appreciation over and above that transferred to the agency shall be retained by the homebuyer. 3. The applicant shall construct, to city standards, a street and sidewalk as shown on its Development Plan, at no cost to the city, proceeding from Palatine Avenue to ten feet from its intersection with unopened Rialto. The applicant and the homeowners association shall maintain said street and sidewalks until such time as the city accepts them into the city's street network. At such time, if ever, Rialto Avenue is opened by the city or by an entity approved by the city, the applicant agrees to facilitate the connection of this new street with Rialto Avenue. Respectfully submitted this 18" day of October, 2004 A