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2019-520-E Housing - EmPOWERment Revised FY 17-18 Development Agreement 707 Gomains
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2019-520-E Housing - EmPOWERment Revised FY 17-18 Development Agreement 707 Gomains
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Last modified
8/22/2019 4:21:10 PM
Creation date
8/22/2019 2:40:58 PM
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Contract
Date
7/22/2019
Contract Starting Date
7/22/2019
Contract Document Type
Agreement
Amount
$125,319.00
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<br />NORTH CAROLINA <br />DEVELOPMENT AGREEMENT <br />ORANGE COUNTY <br /> <br /> <br />This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a <br />political subdivision of the State of North Carolina, (hereinafter referred to as the “County”), <br />EmPOWERment, Inc., a North Carolina non-profit corporation (hereinafter referred to as <br />“Owner”). The effective date of this agreement is July 22, 2019. <br /> <br />WITNESSTH <br /> <br />WHEREAS, the Orange County HOME Consortium has designated up to One Hundred <br />Twenty-Five Thousand Three Hundred and Nineteen dollars ($125,319) in FY 2017-18 <br />HOME funds, of which Sixty-Nine Thousand Four Hundred and Eighty dollars ($69,480) will <br />be used to assist in the acquisition and up to Fifty-Five Thousand Eight Hundred and Thirty– <br />Nine dollars ($55,839) will be used to rehabilitate a low-income single family residence in <br />Chapel Hill, North Carolina; and <br /> <br />WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br />designated in an agreement dated July 1, 2011 and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the <br />“Act”), and as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br /> <br />WHEREAS, the Owner intends to acquire property, located at 707 Gomains Avenue, <br />Chapel Hill, North Carolina (hereinafter referred to as “the Project”), as rental housing for low- <br />income families earning up to 60% of the Area Median Income that will remain affordable for <br />low income families throughout the term of the 99 year Period of Affordability. The Project <br />dwelling unit is located on the property more particularly described in EXHIBIT A attached <br />hereto and made a part of this Agreement (hereinafter referred to as “the Property”); and <br /> <br /> WHEREAS, the Owner agrees to utilize HOME funds provided for the purpose of <br />acquiring and rehabilitating the Property as described in its 2017-18 HOME Program application <br />which is hereby incorporated into and made part of this Agreement; and <br /> <br />WHEREAS, notwithstanding any provision of this Agreement, the County and the <br />Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of <br />funds or site approval, and that such commitment of funds or approval may occur only upon <br />satisfactory completion of an environmental review and receipt by Orange County of a Release <br />of Funds from the U.S. Department of Housing and Urban Development under 24 CFR Part §58 <br />if applicable. The parties further agree that the provision of such funds to the project is <br />DocuSign Envelope ID: 26C611FC-889B-477B-8950-766E41A4752D
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