2020-234-E Housing - EmPOWERment Inc. Hillmont development agreement

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DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 NORTH CAROLINA DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a political subdivision of the State of North Carolina, (hereinafter referred to as the "County"), EmPOWERment, Inc., a North Carolina non-profit corporation (hereinafter referred to as "Owner"). The effective date of this agreement is March 10, 2020. WITNESSTH WHEREAS, the Orange County HOME Consortium has designated up to Eighty-Five Thousand Dollars ($85,000) in FY 2019-20 HOME funds and up to Sixty Thousand Two Hundred and One Dollars ($60,201) in FY 2018-19 HOME Community Housing Development Organizations (CHDO) Set-Aside funds for eligible CHDO set-aside activities to assist in the acquisition of two units for affordable rental purposes in the Hillmont Apartment Complex in Town of Carrboro; and WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so designated in an agreement dated July 1, 2011 and as such is the lead entity in a representative capacity for all members of the Orange HOME Consortium for the purposes of carrying out the HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable Housing Act(Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program Requirements provided by the U.S. Department of Housing and Urban Development; and WHEREAS, EmPOWERment is a designated Community Housing Development Corporation ("CHDO") as defined in 24 C.F.R. Part 92, Subpart A, Section 92.2 interested in serving as a sponsor,developer,and/or advocate for low and moderate-income residents of Orange County; and WHEREAS, the Owner intends to acquire property, located at 124 Fidelity Street, Carrboro, North Carolina (hereinafter referred to as "the Project"), as rental housing for low- income families 80%or less of the Area Median Income that will remain affordable for low income families throughout the term of the 99 year Period of Affordability. The Project dwelling units are located on the properties more particularly described in Exhibit A attached hereto and made a part of this Agreement(hereinafter referred to as "the Properties"); and WHEREAS,the Owner agrees to utilize HOME and CHDO Set-Aside funds provided for the purpose of acquiring the Properties as described in its HOME Program Funding Application dated February 5, 2019, which is hereby incorporated into and made part of this Agreement; and WHEREAS,notwithstanding any provision of this Agreement,the County and the Owner hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or site approval, and that such commitment of funds or approval may occur only upon satisfactory