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2012-138 Housing - Habitat for Humanity $75,000
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2012-138 Housing - Habitat for Humanity $75,000
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6/25/2012 12:12:30 PM
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6/25/2012 12:12:26 PM
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BOCC
Date
6/22/2012
Meeting Type
Work Session
Document Type
Agreement
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Mgr Signed
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2012-138 S Housing - Habitat for Humanity 2011-HOME PROGRAM $75,000
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\Board of County Commissioners\Contracts and Agreements\Contract Routing Sheets\Routing Sheets\2012
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WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat <br /> hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br /> site approval, and that such commitment of funds or approval may occur only upon satisfactory <br /> completion of an environmental review and receipt by Orange County of a Release of Funds <br /> from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br /> applicable. The parties further agree that the provision of such funds to the project is conditioned <br /> on Orange County's determination to proceed with, modify, or cancel the project based on the <br /> results of a subsequent environmental review. <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I. USE OF HOME FUNDS/SUBSIDY TYPE <br /> 1. Habitat shall perform the projects or tasks related to its allocation of HOME funds as <br /> provided in Exhibit B and within the proposed budget outlined in Exhibit C. Exhibits B and C <br /> are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as <br /> it may be modified by the parties. <br /> 2. Habitat may not request disbursement of funds under this Agreement until the funds are <br /> needed for payment of eligible costs. The amount of each request must be limited to eligible <br /> costs as determined by Orange County staff <br /> 3. Said funds shall be disbursed by check payable to Habitat. <br /> 4. HOME funds will be a fixed subsidy provided in the form of a deferred loan. <br /> II. AMOUNT OF HOME FUNDS/LOAN TERMS <br /> The County shall make available to Habitat up to Seventy-Five Thousand Dollars ($75,000) at <br /> an interest rate of zero percent (0%) pursuant to this Agreement. The funding provided by the <br /> County will be provided as a fixed subsidy in the form of a deferred second mortgage to the <br /> individual families at the time of sale to them. The investment will be secured by a forty (40) <br /> year Deed of Trust and Promissory Note, forgivable at the end of 40 years. This Deed of Trust <br /> and Promissory Note shall constitute a lien on the Properties, subordinate only to the Declaration <br /> of Restrictive Covenants described in paragraph 6 of this Agreement, and provided in Exhibit D, <br /> and which is hereby incorporated by reference. At the time of closing of the sale of each of the <br /> dwelling units to a homebuyer, the homebuyer shall receive $15,000.00 in HOME funds as <br /> second mortgage assistance which shall be documented by a Promissory Note from the <br /> homebuyer to the County which note shall be secured by a Deed of Trust on the Properties <br /> 2 <br />
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