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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, the County and Towns agree that it is desirable and in the interests of their citizens <br /> to provide affordable housing to low and moderate income individuals and families, to ensure <br /> that such housing remains affordable in perpetuity and to have much of that housing <br /> administered and managed by a non-governmental entity; <br /> WHEREAS, the 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 the County and Towns; and <br /> WHEREAS the County and Towns are committed to creating successful affordable housing <br /> opportunities in Orange County; <br /> NOW, THEREFORE, the County, the Towns agree as follows: <br /> Section I. 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 the 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 Towns agree as follows: <br /> Section II. Purpose <br /> The purpose of this Agreement is to confirm the County and Town's affordable housing goals <br /> for homeownership throughout Orange County. Since all of CHT's homes are in Orange County, <br /> and since virtually all of CHT's work is driven by inclusionary housing policies that are <br />