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/'~ ~~_~,o i <br />~~~ <br />NORTH CAROLINA <br />ORANGE COUNTY 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 EmPOWERment, <br />Inc., a North Cazolina nonprofit corporation (hereinafter referred to as"EmPOWERxnent"). The <br />effective date of this Agreement is January 18, 2001. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated approximately <br />$100,000 in FY 2000 HOME funds for the purpose of supporting the purchase, rehabilitation, <br />and/or new construction of housing in Orange County; and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated <br />in an agreement dated July 1, 1999, and as such is the lead entity in a representative capacity for all <br />members of the Orange HOME Consortium for the purposes of canying out the HOME Program in <br />accordance with the Title II of the Cranston-Gonzalez National Afforda.ble Housing Act (Pub. L. <br />101-625), (42 U.S.C. 3535(d.) ~. ~.) (hereinafter referred to as the "Act"), and as further defined <br />in the Federal Program Requirements provided by the U.S. Department of Housing and Urban <br />Development; and <br />WHEREAS, the Orange County Board of County Commissioners approved the <br />Community Revitalization Loan Fund Program Guidelines on April 11, 2000 which is hereby <br />incorporated into this agreement as Exhibit A; and <br />WHEREAS, EmPOWERment, Inc., is a local non-profit housing corporation interested in <br />serving as the sponsor, developer, and/or advocate for potential first-time homebuyers; <br />NOW, THEREFORE, in consideration of the premises and the mutual covenants herein <br />contained, the parties hereto do agree as follows: <br />1. a. EmPOWERment agrees to acquire; rehabilitate, if necessary; and resell available <br />property in the form of single family dwellings; condominiums, and/or townhouses located <br />in Orange County to eligible first-time homebuyers; and/or act as an agent for persons <br />wishing to receive second mortgage assistance under this program. <br />b. EmPOWERment agrees to abide by the Community Revitalization Loan Fund <br />Program Guidelines dated April 2000 in the implementation of this program. <br />c. Upon receipt of a request for HOME funds under this program, the County shall <br />review all submitted documentation within ten (10) working days and provide in writing <br />a preliminary response to the request. If the response is favorable and no further <br />documentation is necessary, the County will notify EmPOWERment in writing of the <br />date funds will be available. If the County requests additional information, the request <br />