Orange County NC Website
Browse       Search
■ To work collaboratively with other organizations in the community to further our mission <br /> of eliminating substandard housing in Orange County. <br /> 5. <br /> Habitat expects the duration of the construction period for a home on the site to last <br /> approximately A specific start date for construction is unknown at <br /> this time. <br /> 6, Habitat wishes to establish and maintain control over the.homebuyer selection process. <br /> 7, OCHLT supports the stated objectives of the Habitat program and desires to collaborate with <br /> Habitat on its successful implementation. <br /> g. OCHLT has among its purposes to develop, support the development of and promote <br /> permanently affordable homeownership opportunities in Orange County,NC (hereinafter the <br /> "OCHLT Program,,). Key elements of the OCHLT Program are: <br /> • To acquire Property and retain ownership of the land in perpetuity for the benefit of the <br /> surrounding community, <br /> • To sell, or cause to be sold,the improvements located on the land to low and moderate- <br /> income families, individuals,housing cooperatives and community organizations. <br /> • To enter into long-term ground lease agreements (hereinafter"OCHLT Ground Lease <br /> Agreement")with owners of improvements located on its land. <br /> • To include provisions in the OCHLT Land Lease Agreement that strike a fair balance <br /> between the improvement owner's opportunity to accuunilate wealth and the . <br /> community's interest in assuring continuing affordability of the property to future low to <br /> moderate income households, <br /> 9. Habitat supports the OCIILT Program and desires to collaborate with OCHLT on its <br /> - <br /> successful implementation. <br /> 10. OCHLT understands that Habitat uses stock building and site <br /> dmg plans,and agrees to bear the <br /> cost of any substantial modifications it requests to these plans. <br /> Therefore, Habitat and OCHLT hereby agree to the following: <br /> 1. Habitat and OCHLT agree to collaborate as partners in the following described "Project": <br /> • A single-family dwelling unit to be constructed on the Land at 102-A Dillard Street <br /> (hereinafter the"Dwelling Unit'. <br /> • The Dwelling Unit will be constructed by Habitat subject to the terms of a"Construction <br /> Contract"between OCHLT as Owner, and Habitat as Contractor. Such terms and <br /> conditions may include amongst other provisions Habitat's right to secure and protect its <br /> interest in the improvements against OCHLT's bankruptcy, assignment for the benefit of <br /> creditors, etc. <br /> • Financing for construction of the Dwelling unit will be provided by Habitat(hereinafter the <br /> "Construction Financing <br /> 2 <br />