S Housing- Development Agreement - Consolidated Housing Plan Annual Update $30,000 /Habitat for Humanity or Orange Co

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~~ ~ 131~~ • Please return this copy to ' ~ ~ Clerk to the Boazd's office for PAF NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Cazolina, (hereinafter referred to as the "County") and HABITAT FOR F[UMANITY OF ORANGE COUNTY, NC, INC., a North Cazolina non-profit housing organi io (hereinafter referred to as "Habitat"). T'he effective date of this agreement is WITNESSTH WHEREAS, the Orange County HOME Consortium has designated approximately $30,000 in FY 2007 HOME funds for providing second mortgage funds for a dwelling unit developed at Gemena Road in Carrboro designated as "the Property" and; WHEREAS, Orange County is the lead entity o£ the Orange HOME. Consortium, so designated in an agreement dated July 1, 2005, and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. sec .) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, Habitat intends to one (1) dwelling unit on the Property for afirst-time homebuyer earning up to 60% of HUD area median income as described in their FY 2007 HOME Program Application, which is hereby incorporated into this Agreement, and hereafter referred to as "The Project". A copy of the FY 2007 HOME Program Application dated February 22, 2007 is on file in the office of the Housing and Community Development Department; and WHEREAS, Habitat intends to assist one (1) first-time homebuyer earning up to 60% of HUD azea median income purchase the newly constructed housing in the Project; and WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any low income household that has not owned a home within the past three (3) yeazs including households living in manufactured housing not permanently affixed to a foundation, or owner- occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for at least one yeaz prior to the home purchase; WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory