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3 <br />NORTH CAROLINA <br />ORANGE COUNTY DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local <br />governmental unit of the State of North Carolina, (hereinafter referred to as the "County") <br />and EmPOWERment, Inc., a North Carolina nonprofit corporation (hereinafter referred to <br />as "EmPOWERment"). The effective date of this Agreement is January 18, 2001. <br />WITNESSETH <br />WHEREAS, the Orange County HOME Consortium has designated approximately <br />$100,000 in FY 2000 HOME funds for the purpose of supporting the purchase, <br />rehabilitation, and/or new construction of housing in Orange County with priority given to <br />activities in the Northside Community in Chapel Hill; and <br />WHEREAS, the County is the lead entity of the Orange HOME Consortium, so <br />designated in an agreement dated July 1, 1999, and as such is the lead entity in a <br />representative capacity for all members of the Orange HOME Consortium for the purposes <br />of carrying out the HOME Program in accordance with the Title II of the Cranston- <br />Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d.) et. s?Mc.) <br />(hereinafter referred to as the "Act"), and as further defined in the Federal Program <br />Requirements provided by the U.S. Department of Housing and Urban Development; and <br />WHEREAS, the Orange County Board of County Commissioners approved the <br />Community Revitalization Loan Fund Program Guidelines on April 3, 2000 which is hereby <br />incorporated into this agreement as Exhibit A; and <br />WHEREAS, EmPOWERment, Inc., is a local non-profit housing corporation <br />interested in serving as the sponsor, developer, and/or advocate for potential first-time <br />homebuyers; <br />NOW, THEREFORE, in consideration of the premises and the mutual covenants <br />herein contained, the parties hereto do agree as follows: <br />1. EmPOWERment agrees to acquire; rehabilitate, if necessary; and resell available <br />.Property in the form of single family dwellings; condominiums, and/or townhouses <br />located in Orange County to eligible first-time homebuyers; and/or act as an agent <br />for persons wishing to receive second mortgage assistance under this program. <br />2. EmPOWERment agrees to abide by the Community Revitalization Loan Fund <br />Program Guidelines dated April 2000 in the implementation of this program. <br />3. Upon receipt of a request for HOME funds under this program, the County shall <br />review all submitted documentation within ten (10) working days and provide in <br />writing a preliminary response to the request. If the response is favorable and no <br />further documentation is necessary, the County will notify EmPOWERment in