1996 NS Housing - HOME Program Development Agreement Amendment The Magnolia Place Subdivision

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4 NORTH CAROLINA AMENDMENT#1 ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT AMENDMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as'the "County") and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit corporation (hereinafter referred to as"OCHC"). The date of this Agreement Amendment is August 5, 1996. WITNESSETH WHEREAS, the Orange HOME Consortium was awarded $200,000 in July 1993, for the purpose of conveying these funds to OCHC to develop Magnolia Place subdivision, 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 shall act as 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. se q.) (hereinafter referred to as the "Act"), and as further defined in the State Program Requirements for funding provided directly by the State; and WHEREAS, the County, as Lead Entity, entered into a Development Agreement with the Orange Community Housing Corporation for Magnolia Place on or about March 15, 1994; NOW, THEREFORE, the County and Orange Community Housing Corporation agree that Paragraphs 3, 5 and 7 of the Agreement is amended to read as follows: 3. OCHC agrees to sell and construct 42 single-family housing units on the Property. All units will be sold to low and moderate income persons. The HOME funds provided to OCHC pursuant to this contract shall be targeted to a minimum of twelve (12) of the 42 units, none of which twelve (12) targeted units shall be the same as the twenty (20) units targeted with the $247,050 CDBG grant referenced in paragraph number 1 of this Agreement. 5. OCHC shall then market and sell the lots, construct homes for the selected buyers, and complete the sale of the homes on the targeted three lots by June 30, 1997. 7. At the dosing of the sale to a homebuyer of two of the targeted lots, OCHC shall repay the County $10,000. For the remaining ten (10) lots, OCHC shall repay the County a maximum of $20,000 in the form of a credit to the homebuyer. The credit to the homebuyer shall be documented by a promissory note from the homebuyer to the