1997 S Housing - Interfaith Council for Social Services Development Agreement Project homeStart transitional Housing Project

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NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and INTERFAITH COUNCIL FOR SOCIAL SERVICE, INC, a North Carolina nonprofit corporation (hereinafter referred to as "IFC"). The date of this Agreement is August 4, 1997. WITNESSETH WHEREAS, the Orange County HOME Consortium has designated $50,000 in FY 1995 HOME funds for the purpose of conveying these funds to IFC to assist with the development of Project HomeStart, which property is more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the "Property"); and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated August 27, 1992, and amended January 26, 1993, and July 28, 1993, 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, IFC intends to develop the Property for the purpose of constructing transitional housing opportunities for low income residents. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto do agree as follows: 1. IFC agrees to develop ten (10)Aransitional housing units (5 units in each building) on Homestead Road in Chapel Hill for low income persons in Orange County. 2. The HOME funding investment shall be secured by a note to the County and a deed of trust constituting a lien on the leasehold interest which Deed of Trust shall designate Orange County as the secured party/beneficiary. The note and deed of trust shall be in the form of the documents that are attached to and a part of this document. 3. IFC agrees to rent the property to qualified buyers whose incomes do not exceed 50% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and amended from time to time. The period of affordability for HOME funds in accordance with the Acts, its