2018-169-E Housing - Habitat for Humanity written agreements

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DocuSign Envelope ID: C3173F25- 6C4C- 4A24- 903D- 06978EB7C4AE NORTH CAROLINA AFFORDABLE HOUSING BOND DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between Orange County, a local governmental unit of the State of North Carolina, (hereinafter referred to as the "County ") and Habitat for Humanity of Orange County, a North Carolina Non -Profit Corporation (hereinafter referred to as "Owner" or "Habitat "). The effective date of this Agreement is May 10, 2018. 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, Habitat submitted an application for funding to construct 24 affordable owner occupied townhomes in the Waterstone Residential Development, for seniors, age 55 and older; 12 townhomes will be for seniors who earn between 30% and 50% of the area median gross income, 8 townhomes for seniors earning between 51% and 60% of the area median income and 4 townhomes where the seniors earn between 61% to 80% of area median income and which will remain affordable for low and moderate income families as described as described herein and in the application they submitted for FY 2016 Orange County Affordable Housing Bond Program funds on file in the County's Housing and Community Development Office (together hereinafter "the Project "); and WHEREAS, on June 6, 2017 the Orange County Board of Commissioners awarded Habitat $ 915,334 in FY 2016 Orange County Affordable Housing Bond funds and $9,666 in 2017 Capital Improvement Plan Affordable Housing Land Banking Funds for a total amount of $925,000 (together hereafter, "Bond Funds ") to assist in the development of the townhomes located in the Waterstone Residential Development on property more particularly described in Exhibit A, Legal Description, (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, this Agreement provides to Habitat with $925,000 Bond Funds for the construction by Habitat of infrastructure necessary for the Project which funds will be secured by a Promissory Note with a Deferred Payment Loan in the amount of $925,000 and a Deed of Trust on the Property; and WHEREAS, it is the intent of Habitat and the County that the amount of the Bond Funds, together with any future loan funds provided by the County for the Project, will be credited by Habitat to the homebuyers when the homebuyers purchase the homes and the money credited to the homebuyer will in turn be a debt owed by the homebuyer to the County (the 1