Assignment, Assumption and Consent to Transfer Real Property between CASA, a non-profit corporation, and Chrysalis for Mental Health Foundation, Inc.

Browse Search

NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT ' This is an AGREEMENT between ORANGE COUNTY, a body•politic and corporate, a political subdivision of the State of North Carolina, (hereinafter referred io as the "County") and OPC Foundation f'or Mental Health, a North Carolina non-profit car or tion(hereinafter referred to as"OPC Foundation") The effective date of this.agreement is WITNESSTH WHEREAS, the Orange County Board of Commissioners awarded the OPC Foundation $300,000 in FY 1997 Housing Bond funding to assist in the construction of the Club Nova Apartments in Carrbom,NC in Tune 2001; and; WHEREAS, OPC Foundation submitted a letter dated November 19, 2003 requesting the reallocation of the funds fiom the Orange County Bond Program to provide matching funds for a HUD Supportive Housing Program grant as well as a letter dated March 17, 2004, which are incorporated by reference into this Agreement.. The letters are on file in the office of the Orange County Housing and Community Development; and i WHEREAS, the Orange County Board of Commissioners approved the reallocation of $300,000 in FY 1997 Housing Bond funding on December 9,2003;and, WHEREAS, OPC Foundation intends to purchase eight dwelling units The dwelling units are located at 111 and 336 Ashley Forest; 529 Hillsborough St G-1 and G-3; 800 Pritchard Avenue B6, C3, and E3 all in Chapel Hill, NC; and 2308 Red Bird Lane in Hillsborough, NC (herein after-referred to as "the Project dwelling units" or"the Project"), The Project dwelling units are located on properties more particularly described in E)U BIT A attached hereto and made a part of this Agreement(hereinafter referred to as"the Property"); and WHEREAS, OPC Foundation intends to make the Project dwelling units available for- lease to families earning up to 50%of'HUD area median income; NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein,it is agreed between the parties hereto as follows: 1. a. OPC Foundation shall acquire the Property including the Project dwelling units and ensure that the units meet the Section 8 Housing Quality Standards (HQS) prior- to leasing All repair work must be completed in accordance with applicable building and zoning ordinances and N.0 Housing Finance Agency Energy Standards.