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- Please return this copy to _ <br />Clerk to the Board's office for PAF <br />S' 3 ~~ <br />NORTH CAROLINA ~~ <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, <br />a political subdivision of the State of North Carolina, (hereinafter referred to as the "County") <br />and EmPOWERment, Inc., a North Carolina non-profit co ration (hereinafter referred to as <br />"EmPOWERment"). The effective date of this agreement is c~P.r' / ~~ 208 <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated $70,000 in FY <br />2005 HOME funds to assist in the acquisition of a vacant lot for the purpose of affordable <br />housing development; and <br />WHEREAS, the County is the lead entity of the Orange County 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. seq.) (hereinafter referred to as the <br />"Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, EmPOWERment intends to purchase a vacant lot located at 320 <br />McMasters Street in Chapel Hill and more particularly described in EXHIBIT A attached hereto <br />and made a part of this Agreement (hereinafter referred to as "the Property"); and <br />WHEREAS, EmPOWERment agrees to utilize HOME funds provided for the purpose <br />of acquiring the Property as described in its HOME Program request dated June 1 S, 2007 which <br />is hereby incorporated into this Agreement and hereinafter referred to as "the Project"; and <br />WHEREAS, EmPOWERment intends to build a three (3) bedroom and two (2) <br />bathroom single-family detached dwelling unit to be sold to first-time homebuyers earning up to <br />80% of HUD area median income; 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) years including <br />households living in manufactured housing not permanently affixed to a foundation, or owner- <br />occupants of homes not feasible for rehabilitation. <br />WHEREAS, notwithstanding any provision of this Agreement, the County and <br />EmPOWERment hereto agree and acknowledge that this Agreement does not constitute a <br />commitment of funds or site approval, and that such commitment of funds or approval may <br />occur only upon satisfactory completion of an environmental review and receipt by Orange <br />