Orange County NC Website
Browse       Search
la <br />LEGALLY BINDING COMMITMENT <br />DEVELOPMENT AGREEMENT <br />HOUSING DEVELOPMENT GRANT PROGRAM <br />COUNTY OF ORANGE, NORTH CAROLINA <br />This AGREEMENT, made and entered into this day of <br />1992, by and between Hillsborough Affordable <br />Housing Corporation, Inc., hereinafter referred to as the <br />"HAHC ", and the County of Orange, a body politic located in <br />the State of North Carolina, hereinafter referred to as the <br />"County ". This agreement will not become effective until all <br />conditions placed upon the County's funding approval are <br />satisfied and funds are released by the N.C. Department of <br />Economic and Community Development (ECD). <br />WITNESSTH <br />WHEREAS, the MB Housing Foundation presently holds an <br />option to a 5.9 acre .tract of land located in the <br />Hillsborough Township on behalf of the Hillsborough <br />Affordable Housing Corporation; and <br />WHEREAS, the 'Hillsborough Affordable Housing <br />Corporation intends to purchase 's roperty which is more <br />particularly described in Exhi at ched hereto herein <br />after referred to as the "Pr r '; nd <br />WHEREAS, Habitat de' to improve the Property with <br />the construction of a 35 un multifamily rental <br />development known as Whitted Forest, in accordance with all <br />applicable legal requirements and the Charter and Bylaws of <br />HAHC, for lease to low and moderate income families; and <br />WHEREAS, Orange County desires to participate in this <br />project and has received a grant from the N.C. Department of <br />Economic and Community Development Division of Community <br />Assistance in the amount of $250,000 to be used to assist in <br />the development of the Property; to be structured as a second <br />mortgage with a 40 year repayment schedule; and <br />WHEREAS, the Division of Community Assistance has <br />conditioned its approval of the requested grant upon <br />HAHC's ability to meet certain financial requirements, which <br />will enable HAHC to build 35 rental units on the subject <br />property within the period hereinafter specified; and <br />NOW, THEREFORE, in consideration of the premises and the <br />mutual covenants herein contained, the parties hereto do <br />agree as follows: <br />*1* <br />