Orange County NC Website
Browse       Search
<br />^ ~ <br />_ Please return this copy to <br />Clerk to the Board's office for PAF <br />NORTH CAROLINA ~~ ~~~~~ <br />ORANGE COUNTY <br />y-e <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Cazolina, (hereinafter referred to as the "County") and HABITAT <br />FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Cazolina non-profit housing <br />organi do (hereinafter referred to as "Habitat"). The effective date of this agreement is <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated approximately <br />$20,000 in FY 2007 HOME funds for providing second mortgage funds for a dwelling unit <br />developed at Wentworth Street in Chapel Hill designated as "the Property" and; <br />WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated July 1, 2005, and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. sec .) (hereinafter referred to as the "Act"), <br />and as further defined in the Federal Program Requirements provided by the U.S. Department of <br />Housing and Urban Development; and <br />WHEREAS, Habitat intends to one (1) dwelling unit on the Property for afirst-time <br />homebuyer earning up to 60% of HUD area median income as described in ~ their FY 2007 <br />HOME Program Application, which is hereby incorporated into this Agreement, and hereafter <br />referred to as "The Project". A copy of the FY 2007 HOME Program Application dated <br />February 22, 2007 is on file in the office of the Housing and Community Development <br />Department; and <br />WHEREAS, Habitat intends to assist one (1) first-time homebuyer earning up to 60% of <br />HUD azea median income purchase the newly constructed housing in the Project; and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />low income household that has not owned a home within the past three (3) yeazs including <br />households living in manufactured housing not permanently affixed to a foundation, or owner- <br />occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br />at least one yeaz prior to the home purchase; <br />WHEREAS, notwithstanding any provision of this Agreement, :the County and Habitat <br />hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />site approval, and that such commitment of funds or approval may occur only upon satisfactory <br />