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_ RETURN THIS COPY TO THE CLERK'S <br /> OFFICE FOR THE PERMANENT AGENDA FILE <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 HABITAT <br /> FOR HUMANITY OF ORANGE COUNTY, NC, INC. , a North Carolina non-profit housing <br /> organization (hereinafter referred to as "Habitat"). The effective date of this agreement is March <br /> 6, 2000. <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated $62,500 in FY 2000 <br /> HOME funds for the purpose of providing second mortgage assistance for five (5) low-income <br /> families purchasing homes built by Habitat for Humanity of Orange County, NC, Inc. <br /> WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br /> designated in an agreement dated July 1, 1997 and as such is the lead entity in a representative <br /> capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br /> HOME Program in accordance wit the Title II of the Cranston-Gonzalez National Affordable <br /> Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the <br /> "Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br /> Department of Housing and Urban Development; and <br /> WHEREAS, Habitat intends to construct five single family dwelling units on the <br /> property available to first-time homebuyers earning up to 50% of HUD area median income as <br /> described in their HOME Program Proposal dated March 20, 2000 which is Exhibit A to this <br /> Agreement, and hereafter referred to as "The Project". <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> household earning up to 80% of HUD area median income that has not owned a home within the <br /> past three (3) years including households living in manufactured housing not permanently <br /> affixed to a foundation, or owner-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. Project Activities <br /> 1.1. Habitat shall sell the newly constructed dwelling units to qualified buyers whose <br /> income is up to 50% of the area median household income by family size, as <br /> determined by the U.S. Department of Housing and Urban Development at the <br /> time of the sale. <br />