Agenda - 12-19-1995 - VIII-E - Laserfiche WebLink

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e 2 NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit corporation (hereinafter referred to as "OCHC"). The date of this Agreement is December 19, 1995. WITNESSETH WHEREAS, the Orange County HOME Consortium has designated $162,000 in FY 1995 HOME funds for the purpose of conveying these funds to OCHC to acquire and develop the Carr Court Townhomes, which property is more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the "Property"); and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated August 27, 1992, and amended January 26, 1993, and July 28, 1993, and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, OCHC intends to purchase and develop the Property for the purpose of constructing homeownership opportunities for first-time homebuyers. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto do agree as follows: 1. OCHC agrees to purchase the property for a total price of $143,800 using HOME funds from the County for this purpose, such funds to be provided prior to the date of the closing of the purchase of the property. The County also agrees to fund closing costs, including but not limited to attorney fees, title and recording fees, prorated taxes, appraisal and survey fees, and other reasonable costs associated with purchasing the subject property, using HOME funds up to a total of $161,000. OCHC agrees to develop and sell the townhomes at a price not to exceed the current NC Housing Finance Agency maximum existing home sales price in effect at the time of purchase. Any HOME funds not used to complete the purchase of the property may be drawn by OCHC for other eligible project costs, as indicated in the Project Budget attached to and a part of this document with the exception of administrative fees.