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hDu Si <br /> NORTH CAROLINA <br /> DEVELOPMENT AGREEMENT <br /> ORANGE COUNTY <br /> This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a <br /> political subdivision of the State of North Carolina, (hereinafter referred to as the "County"), <br /> EmPOWERment, Inc., a North Carolina non-profit corporation (hereinafter referred to as <br /> "Owner"). The effective date of this agreement is 10/21/14 <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated approximately <br /> $110,131 in FY 2013 HOME funds to assist in the acquisition of a single family dwelling in <br /> Chapel Hill,NC; and <br /> WHEREAS, the County is the lead entity of the Orange County 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 <br /> "Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br /> Department of Housing and Urban Development; and <br /> WHEREAS, the Owner intends to acquire property located at 505 Edwards Drive in <br /> Chapel Hill, NC (hereinafter referred to as "the Project") as rental housing for low-income <br /> families earning up to 50% of the Area Median Income that will remain affordable for low <br /> income families throughout the term of the 99 year period of affordability. The Project dwelling <br /> units are located on the property more particularly described in EXHIBIT A attached hereto and <br /> made a part of this Agreement(hereinafter referred to as "the Property"); and <br /> WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of <br /> acquiring the Property as described in its HOME Program application dated February 28, 2013 <br /> which is hereby incorporated into and made part of this Agreement; and <br /> WHEREAS, notwithstanding any provision of this Agreement, the County and the <br /> Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of <br /> funds or site approval, and that such commitment of funds or approval may occur only upon <br /> satisfactory completion of an environmental review and receipt by Orange County of a Release <br /> of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 <br /> if applicable. The parties further agree that the provision of such funds to the project is <br /> conditioned on Orange County's determination to proceed with, modify, or cancel the project <br /> based on the results of a subsequent environmental review. <br />