2011-379 Housing - Single Family Rehabilitation Program Funding Agreement

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NORTH CAROLINA HOUSING FINANCE AGENCY 2011 SINGLE-FAMILY REHABILITATION PROGRAM (SFRII) FUNDING AGREEMENT This Funding Agreement(the "Agreement") is entered into on the 19th day of October,2011 between the North Carolina Housing Finance Agency (the "Agency"), a public agency of the State of North Carolina and Orange County(the "Member Organization" or"Member"). I Recitals Whereas,the Agency has received HOME Investment Partnerships Program ("HOME") funds (C.F.D.A.number 14.239) from the U.S. Department of Housing and Urban Development; and Whereas,the Agency uses HOME funds to provide loans and grants to program-eligible homeowners under its Single-Family Housing Rehabilitation Program("SFR"or"Program"),henceforth these funds shall be referred to as "SFR funds", or"SFR pool"; and Whereas, the Agency has adopted program guidelines ("SFR11 Program Guidelines") for the administration of SFR, which are incorporated into this Agreement by reference; and Whereas,the Agency has advertised the availability of funding under the Program; and, Whereas,the application of the Member identified on the cover page of this Funding Agreement was received, evaluated, and approved by the Agency, and said Member was invited to participate in the Program. { Now, Therefore, the Agency and the Member, both desiring to be legally bound, do, hereby, both mutually agree to the following: PART A: TIME OF PERFORMANCE, Section 1: Time of Performance (a) The Member shall begin performance of this Agreement on the 19th day of October,2011 and shall complete performance no later than the 31 st day of December, 2013 (Completion Date). Any funds,not committed under contract(pursuant to Section 3.12 of the Program Guidelines)to a unit as of the Completion Date, must be withdrawn from deposit and returned to the Agency; or, de- obligated from the Member's IDIS master account. Page 2 of 12