2001 NS Housing - HOME Program: Second Mortgage Assistance

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NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT 24 This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County ") and HABITAT FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non - profit housing organization (hereinafter referred to as "Habitat "). The effective date of this agreement is March 6, 2000. WITNESSTH WHEREAS, the Orange County HOME Consortium has designated $62,500 in FY 2000 HOME funds for the purpose of providing second mortgage assistance for five (5) low- income families purchasing homes built by Habitat for Humanity of Orange County, NC, Inc.. WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so designated in an agreement dated July 1, 1997 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 wit the Title II of the Cranston - Gonzalez National Affordable Housing Act (Pub. L. 101 -625), (42 U.S.C. 3535(d) et. seq.) (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, Habitat intends to construct five single family dwelling units on the property available to first -time homebuyers earning up to 50% of HUD area median income as described in their HOME Program Proposal dated March 20, 2000 which is Exhibit B to this Agreement, and hereafter referred to as "The Project ". WHEREAS, a first -time homebuyer for the purposes of this program is defined as any household earning up to. 50% of HUD area 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. NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: 1. Project Activities 1.1. Habitat shall sell the newly constructed dwelling units to qualified buyers whose income is up to 50% of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development at the time of the sale.