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DocuSign Envelope ID:658056BB-F456-432C-AF1 E-905B0A4F4326 <br /> NORTH CAROLINA <br /> ORANGE COUNTY <br /> DEVELOPMENT AGREEMENT <br /> This is an AGREEMENT between ORANGE COUNTY, a local governmental political <br /> subdivision of the State of North Carolina, (hereinafter referred to as the "County") and <br /> HABITAT FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non- <br /> profit housing organization (hereinafter referred to as "Habitat"). The effective date of this <br /> Agreement is <br /> WITNESSTH <br /> WHEREAS, the Orange County HOME Consortium has designated $100,455 in FY 2015- <br /> 16 and $285,000 in FY 2016-17 HOME funds to provide funding for second mortgage funding for <br /> four (4) newly constructed homes located in Orange County with FY 2015-16 HOME Funds and <br /> twelve (12) newly constructed homes in the Northside neighborhood in Chapel Hill, the Fairview <br /> Community in Hillsborough and the Tinnin Woods subdivision in Hillsborough which are <br /> hereinafter designated collectively as "the Property" or"the Properties"; and <br /> WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so <br /> designated in an agreement dated July 1, 2011, and as such is the lead entity in a representative <br /> capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br /> HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br /> Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act"), <br /> and as further defined in the Federal Program Requirements provided by the U.S. Department of <br /> Housing and Urban Development; and <br /> WHEREAS, Habitat is constructing the housing units on the Properties for first-time <br /> homebuyers earning between 30% and 65% of HUD area median income described in Habitat's <br /> FY 2015-16 Application for Funding, Orange County HOME Program dated, February 18, 2015 <br /> and FY 2016-17 Outside Agency Common Funding Application and any attachment thereto, <br /> dated January 22, 2016 which are hereby incorporated into this Agreement as if written herein, <br /> and hereafter referred to as "The Project" of"the Projects." A copy of both the FY2015-16 and <br /> 2016-17 HOME Program Applications are on file in the office of the Orange County Housing, <br /> Human Rights and Community Development Department; and <br /> WHEREAS, Habitat intends to assist sixteen (16) first-time homebuyers, who earn <br /> between 30% and 65% of HUD area median income, to purchase the newly constructed housing <br /> units at the Properties; and <br /> WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past five (5) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or owner- <br /> 1 <br />