Orange County NC Website
Browse       Search
t V <br />20180820000160590 DECL <br />Bk:RB6511 Pg:480 <br />08/20/2018 04:24:17 PM 1/9 <br />FILED Mark Chilton <br />Register of Deeds, Orange Co,NC <br />Recording Fee: $26.00 <br />NC Real Estate TX: $.00 <br />Prepared by and return to: Anne Marie Tosco, Orange County Attorney's Office <br />P.O. Box 8181; Hillsborough, NC 27278 <br />DECLARATION OF RESTRICTIVE COVENANTS <br />(S)o lqp <br />THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated <br />1� a 44\& , by Community Home Trust, Inc. of Orange County, NC, Inc. for itself and <br />its 94ccess6rs and assigns ( "Owner "), is given as a condition precedent to the award of Orange <br />County HOME Investment Partnership Program funds. <br />RECITALS: <br />WHEREAS, the Orange County HOME Consortium has designated $16,670.90 in FY <br />2013 HOME funds for the purpose of homeownership assistance for first -time homebuyers of <br />Land Trust homes by reducing the purchase price to meet buyers' affordability needs hereafter <br />referred to as the "Project" or the "project dwelling units "; and <br />WHEREAS, Orange County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated July 1, 2011, and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston - Gonzalez National Affordable <br />Housing Act (Pub. L. 101 -625), (42 U.S.C. 3535(d.) et. seg.) (hereinafter referred to as the "Act "), <br />and as further defined in the Federal Program Requirements provided by the U.S. Department of <br />Housing and Urban Development; and <br />WHEREAS, the Community Home Trust (CHT) formerly known as Orange <br />Community Housing and Land Trust (OCHLT) intends to provide financial assistance to up to <br />five (5) first -time homebuyers by making housing available for lease, as described herein, to <br />families who earn less than 80% of HUD area median income as described in CHT's <br />Application for Funding dated May 10, 2018, which Application is incorporated by reference <br />into this Agreement and is on file in the Orange County Department of Housing and <br />Community Development; and <br />WHEREAS, a first -time homebuyer for the purposes of this program is defined as any <br />low income household that has not owned a home within the past three (3) years including <br />