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3 _ ♦ � z <br /> �loas!N� <br /> NORTH CAROLINA <br /> DEVELOPMENT AGREEMENT <br /> ORANGE COUNTY <br /> This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a <br /> political subdivision of the State of North Carolina, (hereinafter referred to as the "County") and <br /> THE ARC ORANGE COUNTY HOUSING CORPORATION #4, a North Carolina non- <br /> profit o oration, (hereinafter referred to as "The ARC"). The effective date of this agreement <br /> is . <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated approximately <br /> $150,000 in FY 2010 HOME funds to assist in the construction of six (6) rental units known as <br /> The ARC Orange Apartments in Chapel Hill; and <br /> WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br /> designated in an agreement dated July 1, 2011 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 with 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, a HUD 811 Capital Advance along with HOME funds is financing the <br /> construction of The ARC Orange Apartments in Chapel Hill (hereinafter referred to as "the <br /> Project"), a new six (6) unit affordable housing development owned by The ARC and serving up <br /> to eight (8) low income families earning less than 50% of the Area Median Income and which <br /> will remain affordable for low income families throughout the term of the 99 year period of <br /> affordability. The ARC Orange Apartments will be located on West Barbee Chapel Road in <br /> Chapel Hill, NC. The Project dwelling units are located on the property more particularly <br /> described in EXHIBIT A attached hereto and made a part of this Agreement(hereinafter referred <br /> to as "the Property"); and <br /> WHEREAS, The ARC agrees to utilize HOME funds provided for the purpose of <br /> constructing the Property as described in its HOME Program application dated February 26, <br /> 2010 as amended April 26, 2012 which is hereby incorporated into this Agreement and <br /> hereinafter referred to as "the Project"; and <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and the ARC <br /> hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br /> site approval, and that such commitment of funds or approval may occur only upon satisfactory <br /> completion of an environmental review and receipt by Orange County of a Release of Funds <br /> from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br /> applicable. The parties further agree that the provision of such funds to the project is <br />