2018-120-E Housing - Empowerment acquisition of rental properties

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DocuSign Envelope ID: 764A29F1 -E414- 4251- 9AE2- 7ABF3F9D9344 NORTH CAROLINA AFFORDABLE HOUSING BOND DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between Orange County, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County ") and Empowerment, Inc., a North Carolina Non - Profit Corporation (hereinafter referred to as "Owner" or "Empowerment "). The effective date of this Agreement is WITNESSTH WHEREAS, the County, in the implementation of the 2016 Orange County Affordable Housing Bond program solicited application for funding for affordable housing projects from interested non - profits organizations; and WHEREAS, Empowerment submitted applications for funding to assist in the acquisition of rental properties as described herein and in their applications submitted for FY 2016 Orange County Affordable Housing Bond program funds, both on file in the County's Housing and Community Development Office (hereinafter "the Project "); and WHEREAS, the Orange County Board of Commissioners awarded Empowerment, Inc. $211,300 in FY 2016 Affordable Housing Bond Program funding and $ 264,400 in 2017 Capital Improvement Plan Affordable Housing Land Banking Funds for a total amount of $ 475,700 to assist in the acquisition of rental properties on June 6, 2017 (hereinafter "Project Funds "); and; WHEREAS, Empowerment agrees to utilize the Project funds for the purpose of acquiring the Property described in its two FY 2016 Orange County Affordable Housing Bond Program applications dated March 30, 2017, which are hereby incorporated into this agreement by reference; and WHEREAS, Empowennent intends to use the funds to purchase Project dwellings units located at 116 Cole Street (PIN # 9788 -04 -6303) (lease to families earning up to 50% of HUD area median income) and 606 Bynum Street (PIN # 9788 -07 -1809) (lease to two families earning up to 60% of HUD area median income) both properties are located in Chapel Hill, North Carolina (herein after referred to as "the Project dwelling units" or "the Project "). The Project dwelling units are located on properties more particularly described in EXHIBIT A, Legal Description, attached hereto and made a part of this Agreement (hereinafter referred to as "the Property ") (All Exhibits attached to this Agreement are hereby made a part of this Agreement and are incorporated into this Agreement, as it now reads or as it may be modified by the parties); and WHEREAS, notwithstanding any provision of this Agreement, the County and Empowerment hereto agree and acknowledge that this Agreement does not constitute a 1