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J <br /> 10 <br /> NORTH CAROLINA <br /> ORANGE COUNTY_. DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local <br /> governmental unit of the State of North Carolina, (hereinafter referred to as the "Count)("} <br /> and orange Community Housing Corporation., a North Carolina nonprofit corporation <br /> (hereinafter referred to as "oCHC"). The effective date of this Agreement is June 15, <br /> 1998. <br /> WITN ESS ETH <br /> WHEREAS, the orange County HOME Consortium has designated approximately <br /> $60,000 in FY 1997 HOME funds for the purpose of providing funds for non-profit <br /> organizations to acquire; rehabilitate, if necessary; and resell houses located in orange <br /> County to eligible orange County residents; 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, 1 993, and <br /> July 28, 1 993, 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 fI of the Cranston-Gonzalez National Affordable Housing Act <br /> (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. se _.) (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, the orange County Bard of County Commissioners approved the <br /> Community Revitalization Loan Fund Program Guidelines on August 20, 1997 which is <br /> hereby incorporated into this agreement as Exhibit A; and <br /> WHEREAS, orange Community Housing corporation, is a local non-profit housing <br /> corporation interested in serving as the sponsor, developer, and/or advocate for potential <br /> first-time homebuyers; <br /> NOVA, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. oCHC agrees to acquire; rehabilitate, if necessary; and resell available property in <br /> the form of single family dwellings; condominiums, and/or townhouses located in <br /> Orange County to eligible first-time homebuyers; and <br /> 2. oCHC agrees to abide by the community Revitalization Loan Fund Program <br /> Guidelines dated August 1997 in the implementation of this program. <br /> 3. Upon receipt of a request for HOME funds under this program, the County shall <br /> review all submitted documentation within ten (10) working days and provide in <br /> writing a preliminary response to the request. If the response is favorable and no <br />