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NORTH CAROLINA <br />ORANGE COUNTY <br />DRAFT <br />Community Home Trust Charter <br />Attachment VIII 32 <br />THIS AGREEMENT made and entered into by and among the Orange County <br />(hereinafter "County "), the Town of Carrboro, the Town of Chapel Hill, the Town of <br />Hillsborough (hereinafter "Towns "), each being a general local governmental unit of the <br />State of North Carolina and Community Home Trust (hereinafter CHT), a 501(c)3 <br />corporation. <br />WHEREAS, County and Towns agree that it is desirable and in the interests of their <br />citizens to provide affordable housing to low and moderate income individuals and <br />families, to ensure that such housing remains affordable in perpetuity and to have much <br />of that housing administered and managed by a non - governmental entity; <br />WHEREAS, County and Towns were responsible for the creation of the predecessor <br />organization to CHT in 1990; <br />WHEREAS, CHT revised its organizational structure and model for providing housing in <br />1999 at the behest of County and the Towns; <br />And WHEREAS County and the Towns have provided financial operating support to <br />CHT for many years; <br />NOW, THEREFORE, the County, the Towns and CHT agree as follows: <br />Section 1. Definitions <br />A. Low Income means households that earn 80% or less of the Area Median Income <br />(AMI) in the Metropolitan Statistical Area (MSA) in which Orange County <br />resides, as published by HUD. <br />B. Moderate Income means households that earn 115% or less of the Area Median <br />Income (AMI) in the Metropolitan Statistical Area (MSA) in which Orange <br />County resides, as published by HUD. <br />C. HUD means the United States Department of Housing and Urban Development. <br />Section II. Purpose of Charter <br />Since all of CHT's homes are in Orange County, and since virtually all of CHT's work is <br />driven by inclusionary housing policies that are supported by County and Towns, this <br />Charter is intended to establish a shared set of expectations as to what affordable housing <br />functions CHT will provide to County and Towns. County and Towns recognize that a <br />shared and agreed upon set of expectations and responsibilities will reduce uncertainties <br />and allow County and Towns to best utilize the expertise and experience of CHT. <br />1 <br />