2011-316 Housing - Amendment to Development Agreement for HOME Consortium Project - The Landings at Winmore

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Zt*1Ji� NORTH CAROLINA ORANGE COUNTY AMENDMIENT TO DEVELOPMENT AGREEMENT This is an amendment to the 4I(31 1 I AGREEMENT between ORANGE COUNTY, a body politic and corporate, a political subdivision of the State of North Carolina, (hereinafter referred to as the "County"), THE LANDINGS AT WINMORE, LLC, a North Carolina limited liability company, (hereinafter referred to as "The Landings"), CROSLAND, LLC, a North Carolina limited liability company (hereinafter referred to as "Crosland") and COMMUNITY HOME TRUST, a North Carolina non-profit corporation (hereinafter referred to as"CHT"). The effective date of this amendment is July 1, 2011. WITNESSTH WHEREAS, the Orange County HOME Consortium has designated approximately $300,000 in FY 2007 HOME funds to assist in the construction of 58 rental units known as The Landings at Winmore in Carrboro; 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 Landings is financing the construction of The Landings at Winmore (hereinafter referred to as "the Project"), a new 58 unit affordable housing development owned by The Landings dwelling units to 15 low income families earning less than 40% of the Area Median Income, 21 families earning less than 50% of Area Median Income, and 22 families earning less than 60% of Area Median Income, and which will remain affordable for low income families throughout the term of the 99 year period of affordability. The Landings at Winmore is located off Homestead Road in Carrboro, NC. 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 Landings and Crosland agree to utilize HOME funds provided for the purpose of constructing the Property as described in its HOME Program application dated February 28, 2007 which is hereby incorporated into this Agreement and hereinafter referred to as"the Project"; and WHEREAS, The Landings, Crosland, and CHT have entered into a Homebuyer Counseling and Management Contract dated July 31, 2009 (hereinafter referred to as "Management Contract") that more specifically outlines the responsibilities of each entity in this partnership which is attached hereto as EXHIBIT B; and