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2a <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 "County") <br /> and EmPOWERment, Inc., a North Carolina nonprofit corporation (hereinafter referred to <br /> as"EmPOWERment'). The effective date of this Agreement is June 15, 1998. <br /> -WITN ESS ETH <br /> WHEREAS, the orange County HOME Consorbum has desk jnated approximately <br /> $80,000 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, 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 11 of the Cranston-Gonzalez National Affordable Housing Act <br /> (Pub. L. 101-6 25), (42 U.S.C. 3535(d.) et. se g.) (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 Board of County Commissioners approved the <br /> Community Revitalization Loan Fund Program Guidelines on Auger 20, 1997 which is <br /> hereby incorporated into this agreement as Exhibit A= and <br /> WHEREAS, EmPOWERment, Inc., is a local non-profit housing corporation <br /> interested in Serving as the sponsor, developer, and/or advocate for potential first-time <br /> homebuyers; <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. EmPOWERment agrees to acquire; rehabilitate, if necessary; and resell available <br /> property in the form of single family dwellings; condominiums, and/or townhouses <br /> located in orange County to eligible first-time homebuyers; and <br /> 2. EmPOWERment agrees to abide by the Community Revitalization Loan Fund <br /> Program 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 /> further documentation is necessary, the County will notify EmPOWERment in <br />