Orange County NC Website
Browse       Search
DRAFT <br /> 6 <br /> NORTH CAROLINA <br /> ORANGE COUNTY GRANT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local <br /> governmental unit of the State of North Carolina, (hereinafter referred to as the "County") <br /> and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit <br /> corporation (hereinafter referred to as "OCHC."). The date of this Agreement is <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated $57,000 in FY <br /> 1996 HOME funds and $74,000 in FY 1999 HOME funds for the purpose of conveying <br /> these funds to Orange Community Housing Corporation, Inc. to assist with the <br /> development of fourteen (14) townhome units on Legion Road and Scarlette Drive in <br /> Chapel Hill, which property is more particularly described in Exhibit A attached hereto and <br /> 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 <br /> designated in an agreement dated August 27, 1992, and amended January 26, 1993, and <br /> July 28, 1993, and as such is the lead entity in a representative capacity for all members of <br /> the Orange HOME-Consortium for the purposes of carving out the HOME Program in <br /> accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act <br /> (Pub. L. 101-625), (42 U.S.C. 3535(d.) el. M.) (hereinafter referred to as the "Act'), and <br /> as further defined in the Federal Program Requirements provided by the U.S. <br /> Department of Housing and Urban Development; and <br /> WHEREAS, Orange Community Housing Corporation intends to develop the <br /> Property for the purpose of constructing housing opportunities for families earning 80% <br /> and below of the HUD area median income in partnership with the Community Land Trust <br /> in Orange County, Incorporated; and <br /> WHEREAS, in cooperation with the Community Land Trust in Orange County, NC, <br /> Inc., the land would be held in a Community Land Trust (CLT), ensuring affordability of the <br /> homes for at least 99 years; <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. OCHC agrees to design, market, and implement the Scarlette Drive Project <br /> whereby HOME funds will be used for development costs for constructing <br />