2011-258 Housing - Inter-Church Council Housing Corp. - Developmental Agreement - OC HOME Consortium

Browse Search

goof NORTH CAROLINA DEVELOPMENT AGREEMENT ORANGE COUNTY 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"), INTER-CHURCH COUNCIL HOUSING CORPORATION, a North Carolina non-profit corporate n hereinafter referred to as "Owner"). The effective date of this agreement is WITNESSTH WHEREAS, the Orange County HOME Consortium has designated approximately $100,000 in FY 2010 HOME funds to assist in the rehabilitation of two (2) low-income apartment complexes in Chapel Hill known as Chase Park and Elliott Woods; and WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so designated in an agreement dated July 1, 2008 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, the Owner has received a HUD 221 (d)(3) loan to assist in funding the planned rehabilitation activities; and WHEREAS, the Owner owns and manages the Chase Park Apartments located at 1064 Highway 54 Bypass and the Elliott Woods Apartments located at 106 North Elliott Road in Chapel Hill (hereinafter referred to as "the Project"), as rental housing for low-income families earning up to 80% of the Area Median Income which will remain affordable for low income families throughout the term of the 99 year period of affordability. The Project dwelling units are located on the property more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of rehabilitating the Property as described in its HOME Program application dated February 24, 2010 which is hereby incorporated into and made part of this Agreement and hereinafter referred to as"the Project"; and WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner 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 §58