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.s= y-os/ <br />NORTH CAROLINA <br />ORANGE COUNTY <br />HOME PROGRAM GRANT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, NORTH CAROLINA, a <br />general local governmental unit of the State of North Carolina, (hereinafter referred to as the <br />"County") and Community Home Trust, Inc., a North Carolina non-profit corporation <br />(hereinafter referred to as "CHT"). The effective date of this agreement is l / f ~ 0 (a 4 <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $35,000 in FY <br />2004 HOME funds and $65,000 in FY 2008 HOME funds for the purpose of homeownership <br />assistance for first-time homebuyers to purchase dwelling units located at 107 and 111 Crest <br />Street in the Town of Carrboro hereafter referred to as the "Project" or the "project dwelling <br />unit(s)"; and the project dwelling units are located on properties more particularly described in <br />EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the <br />Property"); and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated July 1, 2008 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 <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, Community Home Trust (CHT) is a designated Community Housing <br />Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A, Section 92.2 <br />interested in serving as sponsor, developer, and/or advocate for potential first-time homebuyers; <br />and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 80% of HUD area median income that has not owned a home within <br />the past three (3) years including households living in manufactured housing not permanently <br />affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation; and <br />WHEREAS, CHT intends to make them available for lease, as described herein, to <br />families earning up to 80% of HUD area median income as described in the FY 2004 and 2008 <br />CHT HOME Program Applications which Applications are incorporated by reference into this <br />Agreement. The FY 2004 and 2008 HOME Program Applications are on file in the office of the <br />Orange County Department of Housing and Community Development. <br />1 <br />