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~~ <br />NORTH CAROLINA <br />ORANGE COUNTY <br />GRANT AGREEMENT <br />This is ait 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 Orange Community Housing and Land Trust, Iuc., a North Carolina non- <br />profit ~~o~p~o~r~at~io~n (hereinafter referred to as "OCHLT"). The effective date of this agreement <br />is__~~~~~ <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $120,000 in FY <br />2006 HOME funds for the purpose of acquiring and renovating housing units in the Culbreth <br />Park subdivision in Chapel Hill hereafter referred to as the "Project" or the "project dwelling <br />unit(s)"; and <br />WHEREAS, the County is the lead entity of the Orange 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. se~J (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, Orange Community Housing and Land Trust (OCHLT) is a designated <br />Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart <br />A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- <br />time homebuyers; and <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 80°l0 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, OCHLT intends to acquire and/or renovate the project dwelling units and <br />make them available for lease, as described herein, to families earning up to 80% of HUD area <br />median income as described in the OCHLT HOME Program Application Amendment dated <br />February 27, 2007, which Application is incorporated by reference into this Agreement The <br />February 27, 2007 HOME Program Application is on file in the office of the Orange County <br />Depargnent of Housing and Commwtity Development. <br />1 <br />