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promulgated thereunder. The affordable housing restriction shall have seniority to any <br /> encumbrance on the property which would put at risk the perpetual nature of this <br /> restriction. The developer shall submit to the Town a title search and certification by <br /> counsel whose selection shall be approved in advance by the Town that demonstrates <br /> the seniority of the affordable housing restriction and regulatory agreement; <br /> 2. Affordable housing rental units shall be rented only to a qualified low or moderate <br /> income household at a rent not to exceed the maximum affordable rent established <br /> under the DHCD requirements and guidelines under LIP; <br /> 3. Initial sale of an affordable housing unit shall be made to a qualified low or moderate <br /> income household at a sale price not to exceed the maximum affordable sale price <br /> established under the DHCD requirements and guidelines under LIP; <br /> 4. Subsequent resale of an affordable housing unit shall be made to a qualified low or <br /> moderate income household, at a sale price based on the initial discount rate, formula <br /> or description of the resale price applied to the initial sale of the unit, which shall be <br /> recorded at the time of sale. This resale formula or description shall be applied to any <br /> subsequent resale of the unit and shall meet the requirements and guidelines of the <br /> Local Initiative Program; <br /> 5. A right of first refusal upon the transfer of an affordable unit shall be granted to the <br /> Town or its designee for a period not less than 120 days after notice thereof; <br /> 6. The continuing enforcement of the affordable housing restriction shall be the subject of <br /> a monitoring agreement, and; <br /> 7. To the extent possible, any restriction created shall survive any bankruptcy, foreclosure, <br /> insolvency or other action and shall not be nullified for any reason. <br /> 412.1.4 Selection of Qualified Purchasers or Renters. The selection of qualified purchasers <br /> and renters shall be carried out under an affirmative marketing plan approved by DHCD and <br /> the Community Housing Committee and which meets the requirements of the DHCD Local <br /> Initiative Program. The affirmative marketing plan shall describe how the affordable housing <br /> units will be marketed to potential homeowners or renters. The affirmative marketing plan shall <br /> describe the lottery or other process to be used for selecting buyers or renters. The marketing <br /> plan must describe how the developer will accommodate local preference, if any, established <br /> by the Town, in a manner that complies with the nondiscrimination in tenant or buyer selection <br /> guidelines of the Local Initiative Program. <br /> 412.1.5 Local Preference. To the extent permissible by law, local preference will apply to the <br /> selection of tenants and purchasers of affordable dwelling units. Local Preference Criteria is <br /> set by the Community Housing Committee and approved by the Board of Selectmen. <br /> 412.1.6 Income Verification. Potential purchasers of affordable housing units are required to <br /> submit, at a minimum, copies of the last three years federal and state income tax returns, and <br /> to verify, in writing, prior to purchasing the unit, that his and/or her household income does not <br /> exceed the maximum allowed. <br /> 94 <br />