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3 <br /> Attachment 1 <br /> NORTH CAROLINA <br /> AFFORDABLE HOUSING BOND <br /> DEVELOPMENT AGREEMENT <br /> ORANGE COUNTY <br /> WITNESSTH <br /> This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br /> unit of the State of North Carolina, (hereinafter referred to as the "County") and <br /> COMMUNITY HOME TRUST, INC., a North Carolina non-profit housing organization <br /> (herein. e referred to as "CHT"), The effective date of this agreement is <br /> WITNESSTH <br /> WHEREAS, the County, in the implementation of the Orange County Affordable <br /> Housing Bond Program solicited applications for finding from interested non-profit <br /> organizations; and <br /> WHEREAS, CHT submitted an application for Housing Bond funding on April 21, <br /> 2008 for $200,000 for second mortgage assistance which is hereby incorporated into this <br /> Agreement, and hereafter, referred to as "The Project A copy of the application is on file in <br /> the office of the Housing,Human Rights and Community Development Department; and <br /> WHEREAS, the Orange County Board of Commissioners awarded CHT $200,000 in <br /> FY 2001 Orange County Affordable Housing Bond funds to provide second mortgage <br /> assistance to first-time homebuyers earning up to 80% of HUD area median income purchasing <br /> properties owned by the Community Home Trust; and <br /> WHEREAS, a first-time homebuy_er for the purposes of this program is defined as any <br /> low income household that has not owned a home within the past three (3) years including <br /> households living in manufactured housing not permanently affixed to a foundation, or CHT- <br /> occupants of homes not feasible for rehabilitation <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations <br /> contained herein, it is agreed between the parties hereto as follows: <br /> I„ USE OF BOND FUNDS <br /> 1. CHT shall perform the proj ects or tasks related to its allocation of Bond funds as <br /> provided in Exhibit A and within the proposed budget outlined in Exhibit B. Exhibits A and B <br /> are hereby made a part of this Agreement and are incorporated by reference, as it now reads or <br /> as it may be modified by the parities, <br /> 1 <br />