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2020-043-E Housing - Community Home Trust 200 Culbreth Park development agreement
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2020-043-E Housing - Community Home Trust 200 Culbreth Park development agreement
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Last modified
1/27/2020 10:49:43 AM
Creation date
1/27/2020 10:00:14 AM
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Contract
Date
1/23/2020
Contract Starting Date
1/23/2020
Contract Document Type
Agreement
Amount
$15,000.00
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1 <br />NORTH CAROLINA <br />DEVELOPMENT AGREEMENT <br />ORANGE COUNTY <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”), and <br />ORANGE COUNTY, NORTH CAROLINA, a general local governmental unit of the State of <br />North Carolina, (hereinafter referred to as the “County”) and COMMUNITY HOME TRUST <br />INC., a North Carolina non-profit corporation (hereinafter referred to as “CHT” or “Owner”). <br />The effective date of this agreement is __01/23/2020____________. <br />WITNESSTH <br />WHEREAS, on May 18, 2018, the Orange County HOME Consortium designated up to <br />Sixty Thousand Dollars ($60,000) in FY 2018-19 HOME Funds, for the purpose of homebuyer <br />financial assistance for up to two (2) families in the Northside and Pine Knolls neighborhood of <br />Chapel Hill; and <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 “Act”), <br />and as further defined in the Federal Program Requirements provided by the U.S. Department of <br />Housing and Urban Development; and <br />WHEREAS, CHT submitted a request, memorialized in a writing dated December 10, <br />2019 for the reallocation of FY 2018-19 HOME funds to assist in the acquisition of property for <br />resale to a household earning less than 80% of the HUD area median income; and <br />WHEREAS, on December 2, 2019 the Orange County Board of County Commissioners <br />approved CHT’s request and reallocated $15,000 to CHT for the aforementioned purpose; and <br />WHEREAS, CHT has proposed to utilize the aforementioned funding to support the <br />acquisition of the property the located at 200 Culbreth Park Drive in Chapel Hill, NC, hereinafter <br />referred to as the “Property” or “the housing unit” and more specifically described in EXHIBIT <br />A; and <br />WHEREAS, CHT plans acquire and assist in the resale of the Property to a homebuyer <br />earning no more than 80% of the HUD area median income as described in their Request for <br />HOME funds for 200 Culbreth Park Drive, Chapel Hill, NC 27517, dated December 10, 2019, <br />which request is incorporated by reference into this Agreement, and hereinafter referred to as the <br />Project. Their December 10, 2019 request is on file in the office of the Orange County Department <br />of Housing and Community Development; and <br />DocuSign Envelope ID: BDBF6EEB-BEEA-472C-85F1-0820A6F699C3
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