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NORTH CAROLINA <br />ORANGE COUNTY <br />Attachment <br />Draft Community Home Trust Charter <br />Section L Definitions <br />Section H. Purpose <br />Section HI. Agreement <br />A. Term of Agreement <br />B. Board Representation by County and Towns <br />C. CHT Responsibilities <br />D. CHT Funding <br />E. Portfolio Management <br />F. CHT Accountability <br />THIS AGREEMENT made and entered into by and among the County of Orange <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 North Carolina <br />501(c)(3) Corporation whose stated purpose is to provide affordable housing for present <br />and future residents of Orange County, North Carolina and surrounding communities. <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 affordable <br />housing in 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 L 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 more than 80% AMI but not more <br />than 115% of the Area Median Income in the Metropolitan Statistical Area <br />(MSA) in which Orange County resides, as published by HUD. <br />M <br />