2011-192 Housing - Community Home Trust, Inc. for the Orange County HOME Program

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~, ~~ CHDO AGREEMENT Orange County HOME Program 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 Community Home Trust, Inc., a North Carolina non-profit corporation des' n ted as and hereinafter referred to as "CHDO". The effective date of this agreement is ~~ L i This Agreement shall supercede any and all agreements between these parties. WITNESSETH: WHEREAS, the County has entered into an Agreement to receive funds under the HOME Investment Partnerships Program (hereinafter called the "HOME" Program) from the US Department of Housing and Urban Development (hereinafter called "HUD"); and WHEREAS, the County has set aside a portion of its HOME Program funds for Community Housing Development Organizations (CHDOs) in accordance with the National Affordable Housing Act of 1990, as amended, (hereinafter called the "ACT"); and WHEREAS, the County has designated the above named organization as a Community Housing Development Organization or CHDO pursuant to HUD rule 24 CFR Part 92 which sets forth regulations to implement the HOME Program; and WHEREAS, the County desires to engage the CHDO to render certain assistance as an CHDO, sponsor or developer of housing in conformance with 24 CFR Part 92; NOW, THEREFORE, the parties hereto do hereby agree as follows: A. USE OF HOME FUNDS: (1) The CHDO shall propose projects which meet HOME requirements and conform to the County's Consolidated Plan. (2) The County, at its discretion, shall allocate HOME funds to the CHDO including all or any part of any CHDO set-aside, in amounts determined appropriate by the County to best meet HOME Program objectives. (3) In accordance with HUD guidelines, allocations of HOME funds to a CHDO may take one or more of these forms: project assistance (interest bearing loans, no-interest bearing loans, deferred payment loans, advances, interest subsidies, grants as well as direct equity investments); operating subsidies; and development assistance (technical assistance, site control loans or seed money loans). (4) The CHDO shall perform the projects or tasks related to its allocation of HOME funds according to the schedule and within the budget submitted as a part of the annual application process as outlined in Attachment A which is hereby incorporated by reference.