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10 <br />NORTH CAROLINA <br />ORANGE COUNTY. <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local <br />governmental unit of the State of North Carolina, (hereinafter referred to as the "County") <br />and Orange Community Housing Corporation., a North Carolina nonprofit corporation <br />(hereinafter refen'ed to as "OCHC"). The effective date of this Agreement is June 15, <br />1998. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated approximately <br />$60,000 in FY 1997 HOME funds for the purpose of providing funds for non-profit <br />organizations to acquire; rehabilitate, if necessary; and resell houses located in Orange <br />County to eligible Orange County residents; and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated August 27, 1992, and amended January 26, 1993, and <br />July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br />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 <br />(Pub. L. 10125), (42 U.S.C. 3535(d.) et. seg.) (hereinafter referred to as the "Act"), and <br />as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, the Orange County Board of County Commissioners approved the <br />Community Revitalization Loan Fund Program Guidelines on August 20, 1997 which is <br />hereby incorporated into this agreement as Exhibit A; and <br />WHEREAS, Orange Community Housing Corporation, is a local non-profit housing <br />corporation interested in serving as the sponsor, developer, and/or advocate for potential <br />first-time homebuyers; <br />NOW, THEREFORE, in consideration of the premises and the mutual covenants <br />herein contained, the parties hereto do agree as follows: <br />OCHC agrees to acquire; rehabilitate, if necessary; and resell available property in <br />the form of single family dwellings; condominiums, and/or townhouses located in <br />Orange County to eligible first-time homebuyers; and <br />2. OCHC agrees to abide by the Community Revitalization Loan Fund Program <br />Guidelines dated August 1997 in the implementation of this program. <br />3. Upon receipt of a request for HOME funds under this program, the County shall <br />review all submitted documentation within ten (10) working days and provide in <br />writing a preliminary response to the request. If the response is favorable and no <br />