2019-517-E Housing - Empowerment development agreement Cole Street revision

Browse Search

DocuSign Envelope ID: F396A7D5-62F3-4B5B-A968-F49AA5397EFF EXHIBIT D Prepared by and return to: Anne Marie Tosco,Orange County Attorney's Office,P.O.Box 8181; Hillsborough,NC 27278 DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS (Declaration), dated , by EmPOWERment, Inc. for itself and its successors and assigns (Owner), is given as a condition precedent to the award of Orange County HOME Investment Partnership funds. RECITALS: WHEREAS, the Orange County HOME Consortium has designated up to One Hundred Forty-Five Thousand Dollars ($145,000) in FY 2018-19 HOME Funds, which will be used to assist in the acquisition of a low-income single family residence in Chapel Hill, North Carolina; and WHEREAS, the County is the lead entity of the Orange County 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 II of the Cranston-Gonzalez National Affordable Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (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 Owner intends to acquire property, located at 121 Cole Street, Chapel Hill, North Carolina (hereinafter referred to as "the Project"), as rental housing for low-income families earning up to 80% of the Area Median Income that will remain affordable for low income families throughout the term of the 99 year Period of Affordability. The Project dwelling unit is located on the property more particularly described in Attachment A attached hereto and made a part of this Agreement(hereinafter referred to as "the Property"); and