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Exhibit C <br /> 2 7�aC <br /> Memorandum Of Understanding <br /> Between <br /> Habitat for Humanity, Orange County,NC,Inc. <br /> 122 South Churton Street <br /> Hillsborough,NC, 27278 <br /> Orange Community Housing and Land Trust <br /> 104-C Jones Ferry Road <br /> Carrboro,NC 27510 <br /> Re. 102-A Dillard Street; Carrboro,NC 27510 <br /> RECITALS: <br /> L Orange Community Housing and Land Trust(hereinafter"OCHLT') intends to purchase the <br /> lot located at at 102-A Dillard Street; Carrboro,NC 27510(hereinafter the`property-). <br /> 2. OCHLT intends to acquire the Property with$18,340 in final project financing to be <br /> provided by the Orange County HOME Investment Partnership program. (hereinafter <br /> "HOME Program"),which financing will be subject to the provisions of a certain <br /> agreement regarding the development and maintenance of affordable housing 0. <br /> pportunities <br /> in Orange County. <br /> 3- Among the provisions to be stipulated in the performance Agreement are: <br /> • Environmental review. <br /> • Sale prices affordable to households earning no greater than 80'/0 of the adjusted area <br /> median income,-<heminafter"Low Income Households"). Adjusted area median income <br /> is specified in chart in Exhibit D., <br /> • Homes occupied by Low to Moderate Leconte Households. <br /> • Homes occupied by Orange County Residents. <br /> 4. Habitat for Humanity, Orange County,NC,Inc.(hereinafter"Habitat")has among its <br /> purposes to develop affordable homeownership opportunities in Orange County,NC <br /> (hereinafter the"Habitat Program"), Key elements of the Habitat Program are: <br /> • To build well-constructed, low cost Domes in partnership with f unilies/individuals who <br /> earn at or below 50019 of the area median income, <br /> • To involve the community in the building of the homes as volunteers and donors. <br /> • To provide no interest mortgages to the fiamilies/individuals who purchase the homes. <br /> 1 <br />