Orange County NC Website
!~ <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, <br />a political subdivision of the State of North Carolina, (hereinafter referred to as the "County") <br />and Affordable Rentals, Inc., a North Carolina non-profit corporation (hereinafter referred to <br />as "Affordable Rentals, Inc"). The effective date of this agreement is 1 `I ~ ~ 4 <br />WITNESSTH <br />WHEREAS, the Orange County Board of Commissioners awazded Affordable Rentals, <br />Inc. $300,000 in FY 2001 Housing Bond funding to assist in the acquisition of rental property <br />on June 17, 2003; and; <br />WHEREAS, Affordable Rentals, Inc. entered into a Development Agreement with <br />Orange County dated March 12, 2006 for $172,300 in FY 2001 Housing Bond funding to assist <br />in the acquisition of rental property located at A-18, D-18, and F-9 University Gardens in <br />Chapel Hill, NC; and <br />WHEREAS, Affordable Rentals, Inc. is requesting an additional $101, 342 in FY 2001 <br />Housing Bond funding to assist in the acquisition and rehabilitation of rental property on or <br />about August 29, 2008; and <br />WHEREAS, Affordable Rentals, Inc. intends to purchase a dwelling unit located at 500 <br />Umstead Rd., Unit C-102, Chapel Hill, NC (herein after referred to as "the Project dwelling <br />unit" or "the Project"). The Project dwelling unit is located on property more particularly <br />described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter <br />referred to as "the Property"); and <br />WHEREAS, Affordable Rentals, Inc. intends to make the Project dwelling unit <br />available for lease to a family earning up to 50% of HUD area median income; <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parries hereto as follows: <br />a. Affordable Rentals, Inc. shall acquire the Property including the Project dwelling <br />unit and ensure that the unit meets the Section 8 Housing Quality Standazds (HQS) prior <br />to leasing. All repair work must be completed in accordance with applicable building <br />and zoning ordinances and N.C. Housing Finance Agency Energy Standards. <br />