2001 S Housing - EMPOWERMENT INC HOME Program Second Mortgage Assistance

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O�F 1,4 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 EMPOWERMENT, INC., a North Carolina non-profit housing organiza io (hereinafter referred to as "EmPOWERment"). The effective date of this agreement is 3 Z007, WITNESSTH WHEREAS, the Orange County HOME Consortium has designated $30,250 in FY 2000 HOME funds and $69,750 in FY 2001 HOME funds for the purpose of providing second mortgage assistance for up to eight (8) low and moderate income families assisted in their housing search by EmPOWERment, 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, EmPOWERment intends to assist eight low and moderate income, first- time homebuyers earning up to 80% of HUD area median income purchase existing housing in the County as described in their HOME Program Proposal dated February 23, 2001 which is hereby incorporated into this Agreement, and hereafter referred to as "The Project" included as EXHIBIT A; and WHEREAS, a first-time homebuyer for the purposes of this program is defined as any household earning up to 80% 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. EmPOWERment assist qualified buyers whose income is up to 80% of the area median household income by family size, as determined by the U.S. Department of Housing and Urban Development locate first-time homeownership opportunities among the existing housing stock.