Orange County NC Website
Browse       Search
5 <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> GRANT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br /> unit of the State of North Carolina, (hereinafter referred to as the "County") and ORANGE <br /> COMMUNITY HOUSING AND LAND TRUST, a North Carolina non-profit housing <br /> organization (hereinafter referred to as "OCHLT"). The effective date of this agreement is <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated $20,000 in FY 1999 <br /> HOME funds, $80,000 in FY 2000 HOME funds, and $80,000 in FY 2001 HOME funds for the <br /> purpose of conveying these funds to Orange Community Housing and Land Trust to assist with the <br /> development of 32 condominiums in the Meadowniont subdivision in Chapel Hill hereinafter <br /> referred to as the "Project", which property is more particularly described in Exhibit A attached <br /> hereto and made a part of this Agreement(hereinafter referred to as the "Property");and <br /> WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated <br /> in an agreement dated July 1, 1999 and as such is the lead entity in a representative capacity for all <br /> members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br /> accordance with the Title 11 of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. <br /> 101-625), (42 U.S.C. 3535(4.)rA. =.) (hereinafter referred to as the "Act"), and as further defined <br /> in the Federal Program Requirements provided by the U.S. Department of Housing and Urban <br /> Development;and <br /> WHEREAS, Orange Community Housing and Land Trust intends to develop the Property <br /> for the purpose of constructing housing opportunities for families earning 80% and below of the <br /> HUD area median income;and <br /> WHEREAS, the land would be held in a Community Land Trust (CLT), ensuring <br /> affordability of the homes for at least 99 years; and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past three (3) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or owner- <br /> occupants of homes not feasible for rehabilitation; <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 /> 1. a. OCHLT shall construct the dwelling units defined in the Project, obtain all <br /> permits and licenses necessary to construct the homes on the Property, and comply with <br /> r--) 7 <br /> 113n <br /> Ll:_, L u LJ 5 <br />