2005 S Housing -Authorizing Orange Co 2005-2006 Home Prog - Orange Comm Housing & Land Trust Inc $70,000

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~~~- s~~ 9-~ NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, NORTH CAROLINA, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and Orange Community Housing and Land Trust, Inc., a North Carolina non- profit o oration (hereinafter referred to as "OCHLT"). The effective date of this agreement is 0© WITNESSETH WHEREAS, the Orange County HOME Consortium has designated $70,000 in FY 2004 HOME funds and $15,000 in FY 2005 HOME Funds for the purpose of subsidizing homes in the Pacifica co-housing development in Carrboro for sale to eligible first-time homebuyers hereinafter referred to as the "Project"; and WHEREAS, the 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. seg.) (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, Orange Community Housing and Land Trust (OCHLT) is a designated. Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- time homebuyers; and WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any household earning up to 80% of HUD area median income 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 WHEREAS, OCHLT intends to purchase the Project dwelling units and make them available for sale to families earning up to 80% of HUD area median income as described in the OCHLT 2004 and 2005 HOME Program Applications which applications are incorporated by reference into this Agreement. The OCHLT 2004 and 2005 HOME Program Applications are on file in the office of the Orange County Department of Housing and Community Development. 1