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.:~ <br />~?Qia-~~o <br />~'a~*,5 <br />.~'-,3-Zdl <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as the "County") and HABITAT <br />FOR HiJMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non-profit housing <br />organiz tio (hereinafter referred to as "Habitat"). The effective date of this Agreement is <br />a o <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated $150,000 in FY 2011 <br />HOME funds for providing second mortgage funds for ten (10) housing units in the Phoenix Place <br />subdivision in Orange County which are hereinafter designated as"the Properties" and; <br />WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated July 1, 2011, and as such is the lead entity in a representative <br />capacity far all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. seg.) (hereinafter referred to as the "Act"), <br />and as further defined in the Federal Program Requirements provided by the U.S. Department of <br />Housing and Urban Development; and <br />WHEREAS, Habitat is constructing the housing units on the Properties for first-time <br />homebuyers earning up to 65% of HUD area median income as described in their FY 2011 <br />HOME Program Application dated February 24, 2011 which is hereby incorporated into this <br />Agreement, and hereafter referred to as "The Project". A copy of the 2011 HOME Program <br />Application is on file in the office of the Housing, Human Rights and Community Development <br />Department; and <br />WHEREAS, Habitat intends to assist ten (10) first-time homebuyers earning up to 65% <br />of HUD area median income purchase the newly constructed housing units; and <br />WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br />low income household that has not owned a home within the past five (5) years including <br />households living in manufactured housing not permanently affixed to a foundation, or owner- <br />occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br />at least one year prior to the home purchase; <br />WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat <br />hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />site approval, and that such commitment of funds or approval may occur only upon satisfactory <br />