2001 S Housing - Public Housing Agency (PHA) Plan Section 8 Existing Housing Program

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Exhibit B DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated , by EmPOWERment, Inc. and its successors and assigns (Owner), is given as a condition precedent to the award of Federal HOME Investment Partnership Program funds by Orange County, a body politic and corporate, a polirical subdivision of the State of North Carolina, together with any successor to its rights, duties, and obligations. RECITALS: WI~REAS, the Orange County HOME Consortium has designated approximately $100,000 in FY 2000 HOME funds for the purpose of supporting the purchase, rehabilitation, and/or new construction of housing in Orange County; and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated July 1, 1999, and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. e~c .) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, EmPOWERment, Inc., is a local non-profit housing corporation interested in serving as the sponsor, developer, and/or advocate for potential first-time homebuyers; WHEREAS, a first-time homebuyer for the purposes of this program is defined as any household earning up to 80% of HUD azea median income that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation. WHEREAS, Orange County requires and Owner agrees to the requirement, as a condition precedent to the awarding of HOME Investment Partnership Program funds, that Owner execute, deliver and record this Declaration in the Office of the Register of Deeds of Orange County in order to create certain covenants pertaining to the Property and running with the land for the purpose of enforcement of the affordability requirements of the HOME Investment Partnership Program. NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth and of other valuable consideration, the receipt and sufficiency of which is hereby aclaiowledged, Owner intends, declares, and covenants that the regulatory and restrictive covenants set forth herein governing the use, occupancy, and transfer of the Property shall be and are covenants pertaining to the Property and running with the land for the term stated herein and are binding upon all subsequent owners of the Property and for such term, except as specifically provided herein, and are not merely personal covenants of Owner. Declazation of Restricrive Covenants Page 1