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V g' <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br /> unit of the State of North Carolina, (hereinafter referred to as the "County") and HABITAT <br /> FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non-profit housing <br /> organiz do �ereinafter referred to as "Habitat'). The effective date of this Agreement is <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated $285,000 in FY 2013 <br /> HOME funds to provide funding for second mortgage funding for 15 newly constructed homes in <br /> the Phoenix Place, Fairview and Tinnin Woods subdivisions which are hereinafter designated as <br /> "the Properties"and; <br /> WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so <br /> designated in an agreement dated July 1, 2011, and as such is the lead entity in a representative <br /> capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br /> HOME 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.) et. seq.) (hereinafter referred to as the "Act'), <br /> and as further defined in the Federal Program Requirements provided by the U.S. Department of <br /> Housing and Urban Development; and <br /> WHEREAS, Habitat is constructing the housing units on the Properties for first-time <br /> homebuyers earning up to 65% of HUD area median income described in their FY 2013 HOME <br /> Program Application dated February 21, 2013 which is hereby incorporated into this Agreement, <br /> and hereafter referred to as "The Project'. A copy of the 2013 HOME Program Application is on <br /> file in the office of the Housing and Community Development Department; and <br /> WHEREAS, Habitat intends to assist fifteen (15) first-time homebuyers earning up to <br /> 65% of HUD area median income purchase the newly constructed housing units completed <br /> during development; and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past five (5) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or owner- <br /> occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for <br /> at least one year prior to the home purchase; <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and Habitat <br /> hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />