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E xh ►RBI►lUl�5l�9 4116l►��►�������►►�►�����►�►►�► <br />NORTH CAROLINA <br />AFFORDABLE HOUSING BOND <br />DEVELOPMENT AGREEMENT <br />ORANGE COUNTY <br />This is an AGREEMENT between Orange County, a general local governmental unit of <br />the State of North Carolina, (hereinafter referred to as the "County ") and Habitat for Humanity, <br />Orange County, N.C.; Inc., a North Carolina Non -Profit Corporation (hereinafter referred to as <br />"Owner" or "Habitat "). The effective date of this Agreement is August 1, 2018. <br />WITNESSETH <br />WHEREAS, the Orange County Board of Commissioners solicited application for the <br />2017 County Owned Land for Affordable Housing projects from interested organizations (Orange <br />County RFP # 5229, which is hereby incorporated by reference); and <br />WHEREAS, on November 20, 2017 the Orange County Board of Commissioners, by <br />Resolution, awarded Owner the property, located at 211 Odie Street, Hillsborough, North <br />Carolina, and more particularly described in the Legal Description which is attached as `Txhibit <br />A" (hereafter "Subject Property") valued at Twenty Thousand dollars ($20,000), subjected to <br />the terms in RFP # 5229 and that the property be development for single family homes for <br />families with incomes between 30% - 65% of the HUD Area Median Income; and <br />WHEREAS, on November 20, 2017 the Orange County Board of Commissioners, by <br />Resolution, also approved Ninety Thousand Dollars ($90,000) in Affordable Housing/Land <br />Bank Set Aside funds to Owner to leverage financial resources for installation of infrastructure, <br />subject to the contingency found below; and <br />WHEREAS, it is the intent of the County and Owner that any approved contingent funds <br />be utilized for the Subject Property; and <br />WHEREAS, notwithstanding any provision of this Agreement, the County and the <br />Owner agree and acknowledge that this Agreement does not constitute a commitment of funds, <br />and that such commitment of funds or approval of funds may only occur upon satisfactory <br />completion of the contingency as provided herein and release of funds by Orange County. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />USE OF FUNDS /SUBSIDY TYPE <br />A. The County shall make available to Owner up to Ninety Thousand Dollars <br />($90,000) at an interest rate of zero percent (0 %) pursuant to this Agreement and <br />subject to the contingency below. <br />