Orange County NC Website
Browse       Search
,, <br />~- ~ - °~ <br />~~ <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 Community Alternatives for Supportive Abodes, a North Carolina non-profit corporation <br />(hereinafter referred to as "CASH"), The effective date of this agreement is .~ ~ ~~ <br />WITNESSTI3 <br />WHEREAS, the Orange County HOME Consortium has designated approximately <br />$435,222 in FY 2008 HOME funds for the substazatial rehabilitation of 10 rental units located at <br />701-719 Pritchard Avenue Extension in Chapel Hill; and <br />WHEREAS, the County is the lead entity of the Orange County 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 Orazage 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 defzned in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; azad <br />WHEREAS, CASA intends to lease ten dwelling units. The dwelling units are located <br />at 701 - 719 Pritchard Avenue Extension in Chapel Hill, NC (herein after referred to as "the <br />Project dwelling units" or "the Project"). The Project dwelling units are located on properties <br />more particularly described in EXHIBIT A attached hereto and made a part of this Agreement <br />(hereinafter referred to as "the Property"); and <br />WHEREAS, CASA agrees to utilize HOME funds provided for the purpose of <br />substantially rehabilitating the Project dwelling units and the Property as described in its HOME <br />Program application dated February 29, 2008 which is hereby incorporated into this Agreement <br />and hexeinafter referred to as "filae Project"; and <br />WHEREAS, CASA intends to make the Project dwelling units available for lease to <br />families eaxrzing up to 50% of HUD area median income; and <br />WHEREAS, notwithstanding any provision of this Agreement, the County and CASA <br />hereto agree and acknowledge that this Agreement. does not constitute a commitment of funds <br />or site approval, and that such commitment of fuzads or approval may occur only upon <br />satisfactory completion of an ezavironmental review and receipt by Orange Couzaty of a Release <br />of Funds from the U.S_ Department of Housing and Urban Development under 24 CFR Part §58 <br />if applicable. The parties further agree that the provision of such fiznds to the project is <br />