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NORTH CAROLINA <br />ORANGE COUNTY <br />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 April 28, 2010. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $100,000 in FY <br />2008 HOME funds for the purpose of homeownership assistance for first-time homebuyers of <br />Land Trust homes by reducing the purchase price to meet buyers' affordability needs hereafter <br />referred to as the "Project" or the "project dwelling units"; 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 H 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 fiuther defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, the Community Home Trust (CHT) formerly known as Orange <br />Community Housing and Land Trust (OCHLT) 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 2009 OCHLT <br />HOME Program Application which Application is incorporated by reference into this <br />Agreement. The FY 2009 HOME Program Application is on file in the office of the Orange <br />County Department of Housing and Community Development. <br />WHEREAS, notwithstanding any provision of this Agreement, the County and CHT <br />hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />1 <br />