2013-161 Housing - EmPOWERment Inc for FY 2012 HOME Program $90,000

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�Dujws%v� NORTH CAROLINA DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a political subdivision of the State of North Carolina, (hereinafter referred to as the "County"), EmPOWERment, Inc., a North Carolina non-profit corporation (hereinafter referred to as "Owner"). The effective date of this agreement is� 1. 2,013 WITNESSTH WHEREAS, the Orange County HOME Consortium has designated approximately $90,000 in FY 2012 HOME funds to assist in the acquisition of two condominium units at Abbey Court in Carrboro; and WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so designated in an agreement dated July 1, 2011 and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, the Owner intends to acquire property located at 501 Jones Ferry Road Units E-4 and E-8 in Carrboro, NC (hereinafter referred to as "the Project") as rental housing for low-income families earning up to 80% of the Area Median Income that will remain affordable for low income families throughout the term of the 99 year period of affordability. The Project dwelling units are located on the property more particularly described in EXHIBIT A attached hereto and made a part of this Agreement(hereinafter referred to as "the Property"); and WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of acquiring the Property as described in its HOME Program application dated February 29, 2012 which is hereby incorporated into and made part of this Agreement; and WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is conditioned on Orange County's determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review.