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2q <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 March <br />6, 2000. <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated $62,500 in FY 2000 <br />HOME funds for the purpose of providing second mortgage assistance for five (5) low-income <br />families purchasing homes built by Habitat for Humanity of Orange County, NC, Inc.. <br />WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br />designated in an agreement dated July 1, 1997 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 wit 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 />WHEREAS, Habitat intends to construct five single family dwelling units on the <br />property available to first-time homebuyers earning up to 50°Io of HUD area median income as <br />described in their HOME Program Proposal dated March 20, 2000 which is Exhibit B to this <br />Agreement, and hereafter referred to as "'The Project". <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 50% 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 <br />affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation. <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 />1. Project Activities <br />1.1. Habitat shall sell the newly constructed dwelling units to qualified buyers whose <br />income is up to 50% of the area median household income by family size, as <br />determined by the U.S. Department of Housing and Urban Development at the <br />time of the sale. <br />