2001 NS Housing - HOME/Housing Bond Programs – Meadowmont Condominiums

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15 NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT 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 ORANGE COMMUNITY HOUSING AND LAND TRUST, a North Carolina non-profit housing organization (hereinafter referred to as "OCHLT"). The effective date of this agreement is WITNESSTH WHEREAS, the County, in the implementation of the Orange County Affordable Housing Bond Program solicited applications for funding from interested non-profit organizations; WHEREAS, OCHLT submitted an application for Housing Bond funding on May 30, 2001 for $400,000 in the form of a grant for New Owner-Occupied Housing Construction approved by the Board of County Commissioners on June 25, 2001 by appropriating $350,000 in Housing Bond funds and$50,000 in Housing Trust funds to the below described project; and WHEREAS, OCHLT proposes to develop 32 condominiums at the Meadowmont development in Chapel Hill for first-time homebuyers earning less than 80% of the HUD area median income; and WHEREAS, Orange Community Housing and Land Trust intends to develop the Property for the purpose of constructing housing opportunities for families earning 80% and below of the HUD area median income in partnership with the Community Land Trust in Orange County, Incorporated; and WHEREAS, the land would be held in a Community Land Trust (CLT), ensuring affordability of the homes for at least 99 years; and WHEREAS, a first-time homebuyer for the purposes of this program is defined as any low income household 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, OCHLT agrees to utilize bond funds and housing trust funds provided by the County for the purpose of constructing 32 condominiums for first-time homebuyer families as described in their bond application dated May 30, 2001 which is EXHIBIT B to this Agreement, and hereinafter referred to"the Project".