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DocuSign Envelope ID:CD9F8982-55C9-4553-9BE5-F346295164C5 <br /> NORTH CAROLINA <br /> DEVELOPMENT AGREEMENT <br /> ORANGE COUNTY <br /> This is an AGREEMENT between ORANGE COUNTY, a political subdivision of the <br /> State of North Carolina, (hereinafter referred to as the "County"), DHIC, Inc., a North Carolina <br /> non-profit corporation, (hereinafter referred to as "Sponsor") and Greenfield Workforce <br /> Housing, LLC, a North Carolina limited liability company, (hereinafter referred to as <br /> "Greenfield" or"Owner"). The effective date of this agreement is <br /> WITNESSTH <br /> WHEREAS, Sponsor has applied to the Orange County HOME Consortium for <br /> allocation of FY 15-16 funds to assist in the construction of eighty (80) apartment rental units <br /> known as Greenfield Place in Chapel Hill(hereinafter referred to as "the Project"); and <br /> WHEREAS, the Orange County HOME Consortium has allocated for FY 15-16 <br /> approximately $154,500 in HOME funds (referred to also as "Project Funds") in the form of a <br /> Loan to Sponsor to assist in the construction of the Project; and <br /> WHEREAS, the Sponsor is affiliated with Greenfield and Greenfield will develop, own <br /> and operate the Project, and <br /> WHEREAS, the Sponsor wishes to assign the allocation of Project Funds to Greenfield <br /> so they can develop, own and operate the Project and has agreed that throughout the term of the <br /> Agreement they, along with Greenfield, will be responsible to the County for Greenfield's <br /> performance of the terms of the Agreement; and <br /> WHEREAS, because Sponsor has agreed to be, along with Greenfield, responsible to the <br /> County for Greenfield's performance of the terms of the Agreement the County has agreed to <br /> assign the Project Funds allocated to Sponsor in the form of a Loan (the "Loan") to Greenfield to <br /> develop, own and operate the Project; and <br /> WHEREAS, the County is the lead entity of the Orange County 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 <br /> "Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br /> Department of Housing and Urban Development; and <br /> WHEREAS, the Project Funds, along with other funds, will be used to finance the <br /> construction of the Project, a new eighty (80) unit affordable housing development owned by <br /> Greenfield and serving eighty (80) low income families earning less than 60% of the Area <br /> Median Income and which will remain affordable for low income families throughout the term of <br /> the forty (40) year period of affordability. Greenfield Place will be located on Legion Road in <br /> Chapel Hill, North Carolina. The Project dwelling units are located on the property more <br />