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10 <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as the "County") and HABITAT <br />FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non-profit housing <br />organization (hereinafter referred to as "Habitat"). The effective date of this agreement is <br />WITNESSTH <br />WHEREAS, Habitat intends to purchase a 41 acre tract of land in the Efland-Cheeks <br />community in Orange County (herein after referred to as the "Property"), and described in <br />EXHIBIT A attached hereto and incorporated herein; and <br />WHEREAS, Habitat intends to construct a 43 unit subdivision with dwelling units <br />available to first-time homebuyers earning up to 80% of HUD area median income; and <br />WHEREAS, a first-time homebuyer for the purposes of this program is defined as any <br />household earning up to 80% of HUD area median income that has not owned a home within the <br />past three (3) years including households living in manufactured housing not permanently affixed <br />to a foundation, or owner-occupants of homes not feasible for rehabilitation. <br />WHEREAS, Orange County desires to participate in this project and has received a <br />Community Development Block Grant (CDBG) from the N.C. Department of Commerce- <br />Division of Community Assistance (DCA) in the amount of $250,000 to used for the installation <br />of infrastructure (water, sewer, streets) on the Property as detailed in the July 2000 Housing <br />Development Application (herein after referred to as the "Project'); and <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 />a. Habitat shall construct twenty-five dwelling units as defined in the Project, obtain <br />all permits and licenses necessary to construct the homes on the Property, and comply <br />with applicable building and zoning ordinances and the N.C. Housing Finance Agency <br />Energy Standards. The Project shall be undertaken without residential displacement. <br />b. Habitat shall sell the newly constructed dwelling units to qualified buyers <br />whose income is up to 80% of the area median household income by family size, as <br />determined by the U.S. Department of Housing and Urban Development at the time of the <br />sale. <br />C. The CDBG funding provided by the County will be provided as a grant. <br />d. The period of affordability will be 99 years and is secured by a Declaration of <br />Restrictive Covenants located at Book /Page of the Orange County Registry