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DocuSign Envelope ID: 65EC9D62 -7FB9- 4747- A005- FC28FEF750E3 <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, NORTH CAROLINA, a <br />general local governmental unit of the State of North Carolina, (hereinafter referred to as the <br />"County ") and CASA, a North Carolina non - profit corporation (hereinafter referred to as <br />"CASA "). The effective date of this Agreement is August 24, 2018. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated $46,529.40 in FY <br />2016 HOME Community Housing Development Organizations (CHDO) Set -Aside funds <br />eligible CHDO set -aside activities; and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated <br />in an agreement dated July 1, 2008 and as such is the lead entity in a representative capacity for all <br />members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in <br />accordance with the Title II of the Cranston - Gonzalez National Affordable Housing Act (Pub. L. <br />101 -625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act "), and as further defined <br />in the Federal Program Requirements provided by the U.S. Department of Housing and Urban <br />Development; and <br />WHEREAS, CASA is a designated Community Housing Development Corporation <br />( "CHDO ") as defined in 24 CFR Part 92, Subpart A, Section 92.2 interested in serving as <br />sponsor, developer, and/or advocate for low and moderate - income residents of Orange County; <br />and <br />WHEREAS, CASA intends to rehabilitate twenty -eight (28) rental units (hereinafter <br />referred to as "the Project dwelling units" or "the Project ") that are located on properties more <br />specifically described in Exhibit A, which is attached hereto and made a part of this Agreement <br />(hereinafter referred to as "the Property "), with energy - efficient upgrades as described herein, <br />specifically twenty -four (24) efficiency units located at 103 W. Main Street, Carrboro, North <br />Carolina, (hereinafter "Club Nova Apartments ") which serves persons with disabilities earning <br />up to 60% of the HUD area median income; and four (4) units at located at 112 -114 Johnson <br />Street, Chapel Hill, North Carolina, (hereinafter, "Johnson Street Apartments "), which serves <br />households earning up to 50% of the HUD area median income, as described in the Application <br />for Funding and Certification as a Community Housing Development Organization (CHDO) <br />dated August 4, 2018 "the "Application "), which Application is incorporated by reference into <br />this Agreement. The Application is on file in the office of the Orange County Department of <br />Housing and Community Development. <br />WHEREAS, notwithstanding any provision of this Agreement, the County and CASA <br />hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or <br />site approval, and that such commitment of funds or approval may occur only upon satisfactory <br />completion of an environmental review and receipt by Orange County of a Release of Funds <br />from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if <br />applicable. The parties further agree that the provision of such funds to the project is <br />