2016-470 Housing - Weaver Community Housing Assoc. - Development Agreement

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�u5�rl� NORTH CAROLINA DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a local political subdivision of the State of North Carolina, (hereinafter referred to as the "County"), WEAVER COMMUNITY HOUSING ASSOCIATION, a North Carolina non- profit corporation (hereinafter referred to as "Owner"). The effective date of this agreement is WITNESSTH WHEREAS, the Orange County HOME Consortium has designated Thirty Thousand Three Hundred Seventy-Four dollars ($30,374) in FY 2014-15 HOME funds to assist in the rehabilitation of six (6) units, two building low-income apartment complex in Carrboro, North Carolina known as Cedar Rock Cooperative, which are hereinafter designated collectively as "Property" or"Properties"; and WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so designated in an agreement dated July 1, 2011 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, the Owner owns and manages the Cedar Rock Cooperative located at 703 and 705, North Greensboro Street in Carrboro, North Carolina (hereinafter referred to as "the Project'), as rental housing for low-income families earning up to 60% of the Area Median Income which will remain affordable for low income families throughout the Period of Affordability which is described below. The Project dwelling units are located on the property more particularly described in EXHIBIT A, which is attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of rehabilitating the Property as described in its HOME Program application dated, February 24, 2014, which is hereby incorporated into and made part of this Agreement (hereinafter referred to as "the Project'); and WHEREAS, notwithstanding any provision of this Agreement, the County and the Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is AL.