Orange County NC Website
t ~, <br />• site approval, and that such commitment of funds or approval may occur only upon satisfactory <br />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 at least ten (10) dwelling units in the Project as defined in <br />the Project, obtain all permits and licenses necessary for construction, and comply with <br />applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy <br />Standazds. The Project shall be undertaken without residential displacement. <br />b. Habitat shall sell the ten (10) newly constructed dwelling units 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) yeaz 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 Declazation of Restrictive <br />Covenants described in pazagraph 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 financing acquired by Habitat in order to <br />complete the project. <br />d. At the time of closing of the sale of each of the dwelling units to a homebuyer, <br />Habitat shall repay the County $20,000.00 in the form of a credit to the homebuyer. The <br />credit to the homebuyer shall be documented by a Promissory Note from the homebuyer <br />to the County which note shall be secured by a Deed of Trust on the Froperty naming the <br />County as beneficiary. The County agrees to subordinate its Deed of Trust lien to a lien <br />securing private permanent financing 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 units constructed on <br />the Property. Habitat and/or its buyers shall be responsible for securing permanent <br />• mortgage financing for the homes built on the Property. <br />