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~°s=~~ <br />~K <br />NORTH CAROLINA <br />ORANGE COUNTY <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 HA$ITAT <br />FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Cazolina non-profit housing <br />organ' ion ereinafter referred to as "Habitat"). The effective date of this agreement is <br />S <br />WITNESSTH <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated <br />in an agreement dated July 1, 2008, and as such is the lead entity in a representative capacity for all <br />members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br />accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. <br />101-625), (42 U.S.C. 3535(d.) et. sue.) (hereafter referred to as the "Act"), and as further defined in <br />the Federal Program Requirements provided by the U.S. Department of Housing and Urban <br />Development; and <br />WHEREAS, the County, as the lead entity of the Orange HOME Consortium, solicited <br />applications for funding for affordable housing projects from interested non-profit organizations; <br />and <br />WHEREAS, Habitat intends to construct a 50 unit subdivision with dwelling units for <br />first-time homebuyers eazning less than the HUD azea median income as described herein and in <br />a number of applications for HOME funds and Orange County Affordable Housing Bond <br />Program (hereafter "Bond") funds on file in the County's Housing and Community Development <br />Office (hereafter "the Project"); and <br />WIiEREAS, the Project, now known as Phoenix Place is located on the following <br />seventeen (17) parcels of land in Chapel Hill, North Carolina (together hereafter "the Property"): <br />Orange County Parcel Identification Numbers: 9870-64-6459, 9870-64-3619, 9870-64-1606, <br />9870-55-6063, 9870-55-7013, 9870-54-9950, 9870-54-7922, 9870-54-9850, 9870-54-7830, <br />9870-54-9679, 9870-54-7627, 9870-54-9543, 9870-54-7514, 9870-54-9441, 9870-54-7411, <br />9870-54-9248, and 9870-54-7219; and <br />W)EIEREAS, pursuant to Development Agreements previously approved by the County <br />Board of Commissioners and Habitat, the County loaned or granted Habitat the following for <br />