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NORTH CAROLINA <br /> ORANGE COUNTY DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT ADMENDMENT between ORANGE COUNTY, a general <br /> local governmental unit of the State of North Carolina, (hereinafter referred to as the <br /> "County") and EmPOWERment, Inc., a North Carolina nonprofit corporation (hereinafter <br /> referred to as "EmPOWERment"). The date of this Agreement is January 19, 1999. <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has expended $16,000 in FY <br /> 1992 HOME funds for the purpose of acquiring the property more particularly described in <br /> Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the <br /> "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 carrying 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.) et. seg.) (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, EmPOWERment intends to develop the Property for the purpose of <br /> constructing homeownership opportunities for first-time homebuyers. <br /> WHERAS, the County entered into a Development Agreement with <br /> EmPOWERment, Inc. on November 18, 1997; <br /> NOW, THEREFORE, the County and EmPowerment agree that Paragraph 2 is <br /> amended to read as follows: <br /> 1. EmPOWERment agrees to accept conveyance of the Property and then to <br /> market the Property, construct a single family home on the Property for the <br /> selected buyer and complete the sale of the Property to the selected buyer on or <br /> before June 30, 1999. The sales price of the Property to the selected buyer shall <br /> not exceed the North Carolina Housing Financing Agency maximum new home <br /> sales price in effect at the time of the sale to the selected buyer. <br />