2019-227-E Housing - Community Home Trust lease

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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A NORTH CAROLINA ORANGE COUNTY DEVELOPMENT 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 April 8, 2019. WITNESSETH WHEREAS, the Orange County HOME Consortium has designated $60,000 in FY 2018-19 HOME funds for the purpose of homebuyer financial assistance for two (2) families in the Northside and Pine Knolls neighborhoods of Chapel Hill (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 H of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. sec.) (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 two (2) homebuyers earning between 65% and 80% of the HUD area median income by family size, as well as providing homebuyer assistance for resales as described in CHT's Housing Projects Funding Application dated August 16, 2017, which Application is incorporated by reference into this Agreement and is on file in the Orange County Department of Housing and Community Development. 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 conditioned on Orange County's determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: 1