Orange County NC Website
Browse       Search
B . The Grantee may not request disbursement of funds under this Agreement until the funds <br /> are needed for payment of eligible costs . The amount of each request must be limited to <br /> eligible costs as determined by Orange County staff. <br /> C . Said funds shall be disbursed by check payable to the Habitat for Humanity, Orange <br /> County, Inc . . <br /> D . Funds will be a fixed subsidy provided in the form of a deferred loan . <br /> II . CONVEYANCE <br /> A . Amount of funds . The County shall make available to the Grantee up to Sixty- eight <br /> Thousand Dollars ($ 68 , 000) pursuant to this Agreement . Said funds shall be disbursed <br /> by the County to the Grantee for performance of the services described in Exhibit B . <br /> B . Conveyance of Building . The County shall convey the single family residence that is on <br /> the Subject Property, valued at Seventy Three Thousand and Five Hundred Dollars <br /> ($ 73 , 500) , to Grantee pursuant to this Agreement . <br /> III. LIEN POSITION <br /> Not Applicable <br /> IV. TIMELINESS <br /> Grantee shall complete the Project within twelve ( 12) months from the date of this Agreement . <br /> However, in the event of any alterations or additions or circumstances beyond the control of the <br /> Grantee , which in the opinion of the Director of the County ' s Department of Housing and <br /> Community Development will require additional time for completion of the Project, then in that <br /> case , the time of completion shall be extended by the County Manager in writing for a period of <br /> time not to exceed six ( 6 ) months . Any further extensions will require the approval of the <br /> Orange County Board of County Commissioners . <br /> V. DURATION OF THE AGREEMENT <br /> This Agreement will remain in effect for the Period of Affordability as provided in Section VI, <br /> Affordability Requirements . <br /> VI . AFFORDABILITY REQUIREMENTS <br /> A. Period of Affordability <br /> 1 . Grantee agrees to keep the Project dwelling unit with a family whose income is less <br /> than 80 % of the area median income throughout the Period of Affordability, which is <br /> fifteen ( 15 ) years . Area Median Income by family size is determined by the U . S . <br /> 2 <br />