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Jll W f1 ~f 2 <br />NORTH CAROLINA <br />ORANGE COUNTY DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between Orange County, a general local governmental <br />unit of [he State of Nonh Carolina, (hereinafter referretl to as the "County") antl Orange- <br />Penon-Chatham Mental Health AuNOrity, a Nonh Carolina nonprofit coryoration <br />(hereinafter referred to as "OPC"). The tlate of Mis Agreement is June 22, 1998. <br />WITNESSETN <br />WHEREAS, the Orange County HOME Consortium has tlesignatetl 590,000 in <br />799] HOME funtls for the purpose of enabling the Orange-Person-Chatham Mental <br />Health Authority to acquire and rehabilitate rental property locatetl in Oange County for <br />lease to severely and persistently mentaly ill County resitlents; and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />tlesignatetl in an agreement tlatetl June 25, 1996, antl amentletl September 20, 1998, <br />antl as such is the teatl entity in a representative rapacity (or all members of the Orange <br />HOME Conaonium for the purposes of carrying out the HOME Program in accoMance <br />with the Title II of the Cranston-GORakQ National Affortlable Housing Act (Pub. L. 101- <br />825), (42 U.S.C. 3535(tl.) et. sc~.) (hereinafter refenetl to as the "Ad"), antl as further <br />tlefined in the Fetleral Program Requirements provided by the ILS. Department of <br />Housing and Urban Development; antl <br />NOW, THEREFORE, in conskleration of the premises antl the mutual covenants <br />herein centainetl, the parties hereto do agree as follows: <br />1. OPC agrees to acquire, repair antl manage the tenancy at purchased property in <br />the following manner. <br />a. All prospective property must be inspectetl for health and safety defects <br />prior to purchase. Ataminimum,the property must meet the Sections <br />Housing puality Stantlartls (HOS). <br />b. If the dwelling fails to meet Section B Housing Quality Stantlartls (HOS) <br />antl repairs are necessary, the sponsor is responsible for ensuring that <br />the work is tlone properly. The dwelling must not be ocwpietl by a <br />selected tenant prior to the property meeting Section 8 Housing Quality <br />Stantlartls. <br />c The property to be acquiretl must have a value that does not exraed 95% <br />of the area metlian purchase price far [hat type of housing. <br />Value must be establishetl by one of [he following methotls: <br />i. An appraisal by a qualifietl appraiser. <br />n. Taz assesamenLS may be used to establish value, but only if they <br />are current antl can be computed at 100% of market value. <br />