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2 <br />C. HUD means the United States Department of Housing and Urban Development. <br />D. Inclusionary housing refers to local policies and ordinances of Towns and County <br />that require or incentivize the inclusion of housing that is deemed affordable for <br />purchase by low and moderate income households within market -rate housing <br />developments. <br />Section IL 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. The Charter also establishes <br />expectations of County and Towns. County and Towns recognize that a shared and <br />agreed upon set of expectations and responsibilities will reduce uncertainties and allow <br />County and Towns to best utilize the expertise and experience of CHT. <br />Section III. Agreement <br />A. Term of Agreement - The term of this Agreement begins on July 1, 2014 and <br />is renewable annually. <br />B. CHT Board Representation by County and Towns - County and Towns are <br />entitled to appoint a representative to the board of directors of CHT. According <br />to the CHT bylaws, one -third of the board of directors will be CHT <br />homeowners, one -third will be appointed persons (by County, Towns and the <br />University of North Carolina at Chapel Hill (hereinafter UNC), and one -third of <br />the directors will be members of the community who support the work of CHT. <br />County and Towns' appointees to the board of directors enable County and <br />Towns to remain informed of the work of CHT and in fact, to exert influence <br />over that work. <br />[Note: It has been suggested that UNC Health Care should also have an <br />appointed person on the board. This would require that we increase the <br />homeowner board members and community board members by one additional <br />person in order to maintain the balance of our tripartite board. This is not a <br />Charter issue but a board composition matter.] <br />C. CHT Responsibilities - Since 2003, CHT's work load has been dominated by <br />the implementation of inclusionary housing programs, particularly in the Towns <br />of Chapel Hill and Carrboro. In the future, CHT is expected to develop and <br />manage inclusionary housing in the Town of Hillsborough. CHT can also serve <br />in this same role for the County. As a result of inclusionary housing, CHT's <br />inventory of affordable homes has increased from one home in 2000 to more <br />than 220 homes in early 2014. It is agreed that CHT's responsibilities include <br />the following: <br />Approved draft March 8, 2014 <br />