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3 <br /> NORTH CAROLINA <br /> ORANGE COUNTY DEVELOPMENT 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 Habitat for <br /> Humanity of Orange County, NC, Inc. , a North Carolina nonprofit corporation (hereinafter <br /> referred to as "Habitat"). The effective date of this Agreement is August 14, 2001. <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated approximately <br /> $100,000 in FY 2000 HOME funds for the purpose of supporting the purchase, rehabilitation, <br /> and/or new construction of housing in Orange County; 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 II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. <br /> 101-625), (42 U.S.C. 3535(d.)fg. =q.) (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, the Orange County Board of County Commissioners approved the <br /> Community Revitalization Loan Fund Program Guidelines on April 11, 2000 which is hereby <br /> incorporated into this agreement as Exhibit A; and <br /> WHEREAS, Habitat for Humanity of Orange County, NC, Inc., is a local non-profit <br /> housing corporation interested in serving as the sponsor, developer, and/or advocate for potential <br /> first-time homebuyers; <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants herein <br /> contained,the parties hereto do agree as follows: <br /> 1. a. Habitat agrees to acquire; rehabilitate, if necessary; and resell available property in <br /> the form of single family dwellings; condominiums, and/or townhouses located in Orange <br /> County to eligible fast-time homebuyers; and/or act as an agent for persons wishing to <br /> receive second mortgage assistance under this program. <br /> b. Habitat agrees to abide by the Community Revitalization Loan Fund Program <br /> Guidelines dated April 2000 in the implementation of this program. <br /> C. Upon receipt of a request for HOME funds under this program, the County shall <br /> review all submitted documentation within ten (10) working days and provide in writing <br />