2001 NS Housing - EmPOWERment, Inc HOME Program Property Acquisition

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NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT 5 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 EmPOWERment, Inc., a North Carolina non - profit housing organization (hereinafter referred to as "EmPOWERment"). The effective date of this agreement is May 1, 2001. WITNESSTH WHEREAS, the Orange County HOME Consortium has designated $100,000 in FY 1999 HOME funds for the purpose of conveying these funds to assist with acquisition of two units on Graham Street in Chapel Hill hereinafter referred to as the "Project ", which property is more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the "Property "); 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, EmPOWERment intends to purchase two rental units located at 225 and 227 North Graham Street in Chapel Hill (herein after referred to as the "Property "), and described in EXHIBIT A attached hereto and incorporated herein; and WHEREAS, EmPOWERment intends to lease these units to families earning up to 80% of HUD area median income as described in their HOME Program request dated March 19, 2001 which is Exhibit B to this Agreement, and hereinafter referred to as "the Project ". NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: Project Activities 1.1 EmPOWERment shall acquire the dwelling units defined in Project, obtain all permits and licenses necessary to rehabilitate the units in the Project if necessary, and ensure compliance with all applicable building and zoning ordinances as well as Section 8 Housing Quality Standards (HQS).