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s <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 <br />EmPOWERment, Inc., a North Carolina non-profit housing organization (hereinafter referred <br />to as "EmPOWERment"). The effective date of this agreement is May 1, 2001. <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated $100,000 in FY <br />1999 HOME funds for the purpose of conveying these funds to assist with acquisition of two <br />units on Graham Street in Chapel Hill hereinafter referred to as the "Project", which property is <br />more particularly described in Exhibit A attached hereto and made a part of this Agreement <br />(hereinafter referred to as the "Property"); <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, EmPOWERment intends to purchase two rental units located at 225 and <br />227 North Graham Street in Chapel Hill (herein after referred to as the "Property"), and <br />described in EXHIBIT A attached hereto and incorporated herein; and <br />WHEREAS, EmPOWERment intends to lease these units to families earning up to 80% <br />of HUD area median income as described in their HOME Program request dated March 19, 2001 <br />which is Exhibit B to this Agreement, and hereinafter referred to as "the Project". <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 />Project Activities <br />1.1 EmPOWERment shall acquire the dwelling units defined in Project, obtain all permits <br />and licenses necessary to rehabilitate the units in the Project if necessary, and ensure <br />compliance with all applicable building and zoning ordinances as well as Section 8 <br />Housing Quality Standards (HQS). <br />