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NORTH CAROLINA <br />ORANGE COUNTY <br />pE'VELO�MENT AGREEMENT <br />VIRBgI117��IIIIdIIIIIIIIVIIIIflI <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 />ENROWERMEN'P, INC., a North Carolina non -profit housing organizati n Thereinafter <br />referred to as "EmPOWERment "). The effective date of this agreement is 5 t3 <br />WITNE'SSTH <br />WHEREAS, the Orange County HOME Consortium has designated $100,000 in FY <br />2002 HOME funds for the purpose of providing second mortgage assistance for up to ten (10) <br />low and moderate income families assisted in their housing search by EmPOWERment, Inc. <br />WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br />designated in an agreement dated July 1, 2002 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 wit 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 Pederal Program Requirements provided by the U,S, <br />Department of Housing and Urban Development; and <br />WHEREAS, EmPOWEkment intends to assist ten low and moderate income, first -time <br />homebuyers earning up to 80% of HUD area median income purchase existing housing in the <br />County as described in their 2002 HOME Program Proposal which is hereby incorporated into <br />this Agreement, and hereafter referred to as "The Project' ' included as EXHIBIT A; and <br />WHEREAS, a first -time homebuyer for the purposes of this program is defined as any <br />household earning up to 80% of HUD area median income that has not owned a home within the <br />past three (3) years including households living in manufactured housing not permanently <br />affixed to a foundation, or owner - occupants of homes not feasible for rehabilitation. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed beWmen the parties hereto as follows: <br />1. Project Activities <br />I.I. EmPOWERment assist qualified buyers whose income is up to 80% of the area <br />median household income by family size, as determined by the U.S. Department <br />of Housing and Urban Development locate first -time homeownership <br />opportunities among the existing housing stock. <br />1.2 The HOME funding provided by the County will be provided as a deferred <br />second mortgage to the individual families at the time of purchase, The HOME <br />