Browse
Search
2008-086 Housing - Consolidated Housing Plan Annual Update $20,000 Habitate for Humanity
OrangeCountyNC
>
Board of County Commissioners
>
Contracts and Agreements
>
General Contracts and Agreements
>
2000's
>
2008
>
2008-086 Housing - Consolidated Housing Plan Annual Update $20,000 Habitate for Humanity
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/27/2011 2:29:37 PM
Creation date
6/15/2009 10:30:12 AM
Metadata
Fields
Template:
BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
4e
Document Relationships
Agenda - 05-03-2007-4e
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
17
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
completion of an environmental review and receipt by Orange County of a Release of Funds <br />from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br />applicable. The parties further agree that the provision of such funds to the project is conditioned <br />on Orange County's determination to proceed with, modify, or cancel the project based on the <br />results of a subsequent environmental review. <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. a. Habitat shall construct the dwelling unit as defined in the Project, obtain all <br />permits and licenses necessary for construction, and comply with applicable building and <br />zoning ordinances and the N.C. Housing Finance Agency Energy Standards. The Project <br />shall be undertaken without residential displacement. <br />b. Habitat shall sell the one (1) newly constructed dwelling unit to qualified buyers <br />whose income is up to but not more than 60% of the azea median household income by . <br />family size, as determined by the U.S. Department of Housing and Urban Development at <br />the time of the sale. <br />c. The funding provided by the County will be provided as a deferred second <br />mortgage transferable to the individual families at the time of sale to them. The <br />investment will be secured by a forty (40) year Deed of Trust and Promissory Note, <br />forgivable at the end of 40 years. This Deed of Trust and Promissory Note shall <br />constitute a lien on the Property, subordinate only to the Declaration of Restrictive <br />Covenants described in paragraph 4 of this Agreement, with the County as the secured <br />party/beneficiary. The County agrees to further subordinate its Deed of Trust lien on the <br />Property to a lien securing private construction fmancing acquired by Habitat in order to <br />complete the project. <br />d. At the time of closing of the sale of each dwelling unit to a homebuyer, Habitat <br />shall repay the County $20,000.00 in the form of a credit to the homebuyer. The credit to <br />the homebuyer shall be documented by a Promissory Note from the homebuyer to the <br />County which note shall be secured by a Deed of Trust on the Property naming the <br />County as beneficiary. The County agrees to subordinate its Deed of Trust lien to a lien <br />securing private permanent fmancing acquired by the homebuyer. <br />e. The period of affordability will be 99 yeazs and will be secured by a Declazation <br />of Restrictive Covenants that will incorporate a right of first refusal that may be exercised <br />by Habitat and/or Orange County. <br />f. Habitat is responsible for soliciting buyers for the dwelling unit constructed on the <br />Property. Habitat and/or its buyers shall be responsible for securing permanent mortgage <br />fmancing for the homes built on the Property. <br />
The URL can be used to link to this page
Your browser does not support the video tag.