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' Please return this copy to _• <br />Clerk to the Boazd's office for PAF <br />• NORTH CAROLINA <br />~1,1~~~ <br />ORANGE COUNTY y' e <br />GRANT AGREEMENT <br />This is an AGREEMENT between ORANGE COiJNTY, NORTH CAROLINA, a <br />general local governmental unit of the State of North Carolina, (hereinafter referred to as the <br />"County") and Orange Community Housing and Land Trust, Inc., a North Carolina. non- <br />profit c rpo • tion (hereinafter referred to as "OCHLT"). The effective date of this agreement <br />is ~~ <br />WITNESSETH <br />WHEREAS, the Orange County Board of County Commissioners has designated <br />$100,000 in Orange County Affordable Housing Bond funds for the purpose of acquiring a <br />housing unit located at 113 Milton Avenue in Chapel Hill and hereafter referred to as the <br />"Project" or the "project dwelling unit"; and <br />WHEREAS, OCHLT intends to acquire and lease the project dwelling unit and <br />thereafter demolish the dwelling unit and replace it with another unit for sale to a qualified <br />• buyer, as described herein, to families earning up to 80% of HUD azea median income as <br />described in the OCHLT Bond Program Application dated February 28, 2008 which Application <br />is incorporated by reference into this Agreement. The February 28, 2008 Bond Program <br />Application is on file in the office of the Orange County Department of Housing and <br />Community Development. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />1. OCHLT agrees to acquire the project dwelling unit and lease it in the following manner <br />a. OCHLT shall acquire the Properly including the Project dwelling unit and ensure <br />that the unit meets the Section 8 Housing Quality Standards (HQS) prior to leasing. All <br />repair work must be completed in accordance with applicable building and zoning <br />ordinances and N.C. Housing Finance Agency Energy Standazds. <br />b. OCHLT shall lease the project dwelling unit, as herein defined, to qualified <br />tenants who live or work in Orange County and whose income is up to but no more than <br />80% of the area median household income by family size, as determined by the U.S. <br />Department of Housing and Urban Development at the time of the rental. <br />c. OCHLT shall later demolish the project dwelling unit and replace it with another <br />unit for sale to a qualified buyer whose income is up to but no more than 80% of the area <br />median household income by family size, as determined by the U.S. Department of <br />