2018-367 Housing - Community Home Trust Grant Agreement

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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1D356D4 e ■ i ■■ e . to 11 II 1 I 11 I 111111 ti RB6513 93 3/58 NORTH CAROLINA ORANGE COUNTY GRANT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, NORTH CAROLINA, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County ") and COMMUNITY HOME TRUST INC., a North Carolina non - profit corporation (hereinafter referred to as "CHT "). The effective date of this agreement is WITNESSETH WHEREAS, the Orange County HOME Consortium has designated $16,670.90 in FY 2013 HOME funds for the purpose of homeownership assistance for first -time homebuyers of Land Trust homes by reducing the purchase price to meet buyers' affordability needs (hereafter referred to as the "Project" or the "project dwelling units "); and WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated July 1, 2011, and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston - Gonzalez National Affordable Housing Act (Pub. L. 101 -625), (42 U.S.C. 3535(d.) et. seq.) (hereinafter referred to as the "Act "), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, the Community Home Trust (CHT) formerly known as Orange Community Housing and Land Trust (OCHLT) intends to provide financial assistance to up to five (5) first -time homebuyers by making housing available for lease, as described herein, to families who earn 80% or below of the HUD area median income as described in CHT's Application for Funding dated May 10, 2018, which Application is incorporated by reference into this Agreement and is on file in the Orange County Department of Housing and Community Development. WHEREAS, a first -time homebuyer for the purposes of this program is defined as any low income household that has not owned a home within the past five (5) years including households living in manufactured housing not permanently affixed to a foundation, or owner - occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for at least one year prior to the home purchase; WHEREAS, notwithstanding any provision of this Agreement, the County and CHT hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory completion of an environmental review and receipt by Orange County of a Release of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 if applicable. The parties further agree that the provision of such funds to the project is