2005 S Housing - Orange Co 2005-2006 Home Prog -The Chrysalis Foundation for Mental Health, Inc

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~- ~` V NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a political subdivision of the State of North Carolina, (hereinafter referred to as the "County") and The Chrysalis Foundation for Mental Health, Inc. a North Carolina non-profit corporation (hereinafter referred to as "Chrysalis"). The effective date of this Agreement is ~~-t~-~~ WITNESSTH WHEREAS, the Orange County HOME Consortium has designated $100,000 in FY 2005 HOME funds to assist in the acquisition of existing housing for lease to persons with disabilities; and WHEREAS, the County is the lead entity of the Orange County 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. seq.) (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, Chrysalis intends to purchase two condominium units. The condominium units are Units 203 and 213, Building D, Ashley Forest in Chapel Hill, NC (herein after referred to as "the Project dwelling units" or "the Project"). The Project dwelling units are more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, Chrysalis agrees to utilize HOME funds provided for the purpose of acquiring the Property as described in its HOME Program application dated February 28, 2005 which are hereby incorporated into this Agreement and hereinafter referred to as "the Project"; and WHEREAS, Chrysalis intends to make the Project dwelling units available for lease to families earning up to 50% of HUD area median income; and WHEREAS, notwithstanding any provision of this Agreement, the County and Chrysalis hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part