2006 S Housing - Consolidated Housing Plan Annual Update/HOME Program – Habitat for Humanity $40000

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~ •~-~~ ~~ u !~; ~tL NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "Count}') and HABITAT FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non-profit housing organi tion (hereinafter referred to as "Habitat"). The effective date of this agreement is i ~~ WITNESSTH WHEREAS, the Orange County HOME Consortium has designated approximately $40,000 in FY 2006 HOME funds for providing second mortgage funds for dwelling units developed at 1708 Rusch Road and 1715 Purefoy Drive in Chapel Hill designated as "the Property" and; WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated July 1, 2005, and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. se .) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, Habitat intends to construct two (2) dwelling units one on each of the Property lots for first-time homebuyers earning up to 60% of HUD area median income as described in their FY 2006 HOME Program Proposal Amendment dated January 18, 2007, which is hereby incorporated into this Agreement, and hereafter referred to as "The Project". A copy of the FY 2006 HOME Program Proposal Amendment dated January 18, 2007 is on file in the office of the Housing and Community Development Department; and WHEREAS, Habitat intends to assist two (2) first-time homebuyers earning up to 60% of HUD area median income purchase the newly constructed housing in the Project; and WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any low income household that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner- occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for at least one year prior to the home purchase; WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or