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1 <br /> <br />NORTH CAROLINA <br />AFFORDABLE HOUSING <br /> LAND BANKING FUNDS <br />ORANGE COUNTY <br /> <br /> <br />DEVELOPMENT AGREEMENT <br /> <br /> <br />This DEVELOPMENT AGREEMENT, dated December 2, 2019 between Orange County, <br />a local political subdivision of the State of North Carolina, (hereinafter referred to as the “County”) <br />and EmPOWERment, Inc., a North Carolina Non-Profit Corporation (hereinafter referred to as <br />“Owner” or “EmPOWERment”). <br /> <br />WITNESSTH <br /> <br /> <br />WHEREAS, on June 27, 2003, EmPOWERment provided second mortgage down <br />payment assistance to a Shannon J. Brown, a qualified purchaser, to purchase a single family <br />residence using FY 2001 HOME funds for property located at 509 Central Avenue, Hillsborough, <br />North Carolina (PIN #9864-59-7395) (hereinafter referred to as “the Property”), and more <br />particularly described in Exhibit A, Legal Description; and <br /> <br />WHERAS, the Property was secured by a Promissory Note, Deed of Trust and a <br />Declaration of Restrictive Covenants which provided that the County have a “Right of First <br />Refusal” to purchase the Property should the qualified purchaser desire to sell the property to a <br />non-qualified purchaser; and <br /> <br />WHEREAS, the qualified purchaser desired to sell the property to a non-qualified <br />purchaser; and <br /> <br />WHEREAS, on April 2, 2019 the Orange County Board of Commissioners voted to <br />exercise the County’s “Right of First Refusal” to purchase the Property at a cost of One Hundred <br />Fifty-Eight Thousand Three Hundred Thirty-Three dollars and 33/100 ($158.333.33) using <br />County Affordable Housing Land Banking Funds and then rehabilitate the Property using Thirty- <br />One Thousand Six Hundred Fifty-Five dollars ($ 31,655.00) in County Single Family <br />Rehabilitation funds for a total amount of the County’s investment in the Property of One <br />Hundred Eighty-Nine Thousand Nine Hundred Eighty-Eight dollars and 33/100 <br />($189,988.33) (hereinafter “Project Funds”); and <br /> <br />WHEREAS, the Orange County Board of Commissioners on April 2, 2019 approved the <br />conveyance to Owner of the Property, valued at One Hundred Eighty-Nine Thousand Nine <br />Hundred Eighty-Eight dollars and 33/100 ($189,988.33), for affordable housing subject to the <br />terms of the County’s Long Term Affordable Housing Policy and the leasing of the dwelling to a <br />low to moderate income family earning up to 60% of HUD area median income; and <br /> <br />DocuSign Envelope ID: FDEBA80C-B05F-4BF1-B91C-624A1EA2F697