Common use of Affordability Clause in Contracts

Affordability. The Homes shall be designed and constructed to provide affordable housing options to homebuyers earning 80% to 120% of the Area Median Income (AMI) for Wake County (each, a “Qualified Homebuyer” and collectively, the “Qualified Homebuyers”), as defined by the U.S. Department of Housing and Urban Development (HUD). Each Home will be listed for sale at an initial market value between One Hundred Eighty Thousand Dollars ($180,000.00) and Two Hundred Twenty Thousand Dollars ($220,000.00) (each Home price, a “Target Price” and collectively, the “Target Price Range”). The Target Price will be based on the selected floor plan and use of standard materials (the “Plans and Specifications”). Upon completion of the Plans and Specifications by the Developer, the Plans and Specifications shall be presented to the Town for approval, such approval not to be unreasonably withheld or delayed. The Target Price will also include any appliances, including but not limited to, refrigerator, stove, oven, microwave, and dishwasher. Any modifications or additions to the Plans and Specifications or standard appliances must first be approved in writing by the Town, such approval not to be unreasonably withheld or delayed.

Affordability. The sale of the Property from the Town to the Developer serves a public purpose. The Homes shall be designed and constructed to provide affordable housing options to homebuyers earning 80% to 120% of the Area Median Income (AMI) for Wake County (each, a “Qualified Homebuyer” and collectively, the “Qualified Homebuyers”), as defined by the U.S. Department of Housing and Urban Development (HUD). Each Home will be listed for sale at an initial market value between One Hundred Eighty Thousand Dollars ($180,000.00) and Two Hundred Twenty Thirty Thousand Dollars ($220,000.00230,000.00) (each Home price, a “Target Price” and collectively, the “Target Price Range”). The Target Price will be based on the selected floor plan and use of standard materials (the “Plans and Specifications”). Upon completion of the Plans and Specifications by the Developer, the Plans and Specifications shall be presented to the Town for approval, such approval not to be unreasonably withheld or delayed. The Target Price will also include any appliances, including but not limited to, refrigerator, stove, oven, microwave, and dishwasher. Any modifications or additions to the Plans and Specifications or standard appliances must first be approved in writing by the Town, such approval not to be unreasonably withheld or delayed.