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2 <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 INTERFAITH COUNCIL FOR SOCIAL SERVICE, INC, a North Carolina nonprofit <br /> corporation (hereinafter referred to as "IFC'). The date of this Agreement is August 4, <br /> 1997. <br /> WITNESSETH <br /> WHEREAS, the Orange County HOME Consortium has designated $50,000 in FY <br /> 1995 HOME funds for the purpose of conveying these funds to IFC to assist with the <br /> development of Project HomeStart, which property is more particularly described in <br /> Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as <br /> the "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, <br /> and July 28, 1993, and as such is the lead entity in a representative capacity for all <br /> members of the Orange HOME Consortium for the purposes of carrying out the HOME <br /> 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.) el. =•) (hereinafter referred to as <br /> the "Act"), and as further defined in the Federal Program Requirements provided by the <br /> U.S. Department of Housing and Urban Development; and <br /> WHEREAS, IFC intends to develop the Property for the purpose of constructing <br /> transitional housing opportunities for low income residents. <br /> NOW, THEREFORE, in consideration of the premises and the mutual covenants <br /> herein contained, the parties hereto do agree as follows: <br /> 1. IFC agrees to develop ten (10) transitional housing units (5 units in each building) <br /> on Homestead Road in Chapel Hill for low income persons in Orange County. <br /> 2. The HOME funding investment shall be secured by a note to the County and a <br /> deed of trust constituting a first lien on the property improvements which deed of <br /> trust shall designate Orange County as the secured party/beneficiary. The note <br /> and deed of trust shall be in the form of the documents that are attached to and a <br /> part of this document. <br /> 3. IFC agrees to rent the property to qualified buyers whose incomes do not exceed <br /> 50% of the area median income by family size, as determined by the U.S. <br /> Department of Housing and Urban Development and amended from time to time. <br />