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DRAFT <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />16 <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as the "County") and ORANGE <br />COMMUNITY HOUSING CORPORATION, a North Carolina non-profit housing <br />organization (hereinafter referred to as "OCHC"). The effective date of this agreement is <br />WITNESSETH <br />WHEREAS, the County, in the implementation of the Orange County Affordable <br />Housing Bond Program solicited applications for funding from interested non-profit <br />organizations; <br />WHEREAS, OCHC submitted an application for Housing Bond funding on August 31, <br />1999 for $140,000 in the form of a grant for New Owner-occupied Housing Construction <br />approved by the Board of County Commissioners on January 18, 2000; and <br />WHEREAS, OCHC proposes to develop fourteen town s on land at the corner of Legion <br />Road and Scarlette Drive in Chapel Hill for buyers earning less than 80% of the HUD area <br />median income; and <br />WHEREAS, OCHC agrees to utilize bond funds provided by the County for the purpose <br />of constructing fourteen townhomes for first-time homebuyer families as described in their bond <br />application dated July 31, 1999 which is EXHIBIT A to this Agreement, and hereinafter referred <br />to "the Project"; and <br />WHEREAS, OCHC is implementing this Project in cooperation with the Community <br />Land Trust in Orange County, NC, Inc., the land would be held in a Community Land Trust <br />(CLT), ensuring affordability of the homes for at least 99 years; <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. OCHC shall construct the dwelling units defined in the Project ,obtain all permits and <br />licenses necessary to construct the townhomes on the Property, and comply with <br />applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy <br />Standards. 'The Project shall be undertaken without residential displacement. <br />OCHC is responsible for soliciting buyers for the townhomes they intend to construct on <br />the Property. OCHC and/or their buyers shall be responsible for securing permanent <br />mortgage financing for the townhomes built by them on the Property. <br />20 <br />