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DRAFT <br /> 16 <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> 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 ORANGE <br /> COMMUNITY HOUSING CORPORATION, a North Carolina non-profit housing <br /> organization (hereinafter referred to as "OCHC"). The effective date of this agreement is <br /> WITNESSETH <br /> WHEREAS, the County, in the implementation of the Orange County Affordable <br /> Housing Bond Program solicited applications for funding from interested non-profit <br /> organizations; <br /> WHEREAS, OCHC submitted an application for Housing Bond funding on August 31, <br /> 1999 for $140,000 in the form of a grant for New Owner-occupied Housing Construction <br /> approved by the Board of County Commissioners on January 18, 2000; and <br /> WHEREAS, OCHC proposes to develop fourteen town s on land at the corner of Legion <br /> Road and Scarlette Drive in Chapel Hill for buyers earning less than 80% of the HUD area <br /> median income; and <br /> WHEREAS, OCHC agrees to utilize bond funds provided by the County for the purpose <br /> of constructing fourteen townhomes for first-time homebuyer families as described in their bond <br /> application dated July 31, 1999 which is EXHIBIT A to this Agreement, and hereinafter referred <br /> to"the Project"; and <br /> WHEREAS, OCHC is implementing this Project in cooperation with the Community <br /> Land Trust in Orange County, NC, Inc., the land would be held in a Community Land Trust <br /> (CLT), ensuring affordability of the homes for at least 99 years; <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. OCHC shall construct the dwelling units defined in the Project , obtain all permits and <br /> licenses necessary to construct the townhomes on the Property, and comply with <br /> applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy <br /> Standards. The Project shall be undertaken without residential displacement. <br /> OCHC is responsible for soliciting buyers for the townhomes they intend to construct on <br /> the Property. OCHC and/or their buyers shall be responsible for securing permanent <br /> mortgage financing for the townhomes built by them on the Property. <br /> 20 <br />