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K <br />NORTH CAROLINA <br />ORANGE COUNTY <br />Inter -Local Agreement for the Community Home Trust <br />THIS AGREEMENT made and entered into by and among the County of Orange (hereinafter <br />"County "), the Town of Carrboro, the Town of Chapel Hill, and the Town of Hillsborough <br />(hereinafter "Towns "), each being a general local governmental unit of the State of North <br />Carolina, and is made pursuant to North Carolina Statutes, Article 20 of Chapter 160A. <br />WHEREAS, County and Towns agree that it is desirable and in the interests of their citizens to <br />provide affordable housing to low and moderate income individuals and families, to ensure that <br />such housing remains affordable in perpetuity and to have much of that housing administered <br />and managed by a non - governmental entity; <br />WHEREAS, County and Towns were responsible for the creation of the predecessor <br />organization to the Community Home Trust (CHT) in 1990; and <br />WHEREAS, CHT revised its organizational structure and model for providing affordable <br />housing in 1999 at the behest of County and the Towns; and <br />WHEREAS County and the Towns are committed to creating successful affordable housing <br />opportunities in Orange County; <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 (AMI) <br />in the Metropolitan Statistical Area (MSA) in which Orange County resides, as published <br />by HUD. <br />B. Moderate Income means households that earn more than 80% AMI but not more than <br />115% of the Area Median Income in the Metropolitan Statistical Area (MSA) in which <br />Orange County resides, as published by HUD. <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 that <br />require or incentivize the inclusion of housing that is deemed affordable for purchase by <br />low and moderate income households within market -rate housing developments. <br />NOW, THEREFORE, the County and the Towns agree as follows: <br />Section II. Purpose <br />The purpose of this Agreement is to confirm the County and the Town's affordable housing <br />goals for homeownership throughout Orange County. Since all of CHT's homes are in Orange <br />County, and since virtually all of CHT's work is driven by inclusionary housing policies that are <br />