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NORTH CAROLINA U J~~ E J <br />o J sill Illl <br />ORANGE COONTY <br />T61e ie m AORHEMENT betwern ORANGE COllNTY, a grneml local goverruvmml <br />umt of the grate of North Carolina, (heminatl« refertcd w as the "CcunTy') and <br />EMPOWERMRNT, INC., a North Carolina non-profs[ housing mgasdzatiu (h«cwaft« <br />aeferscd to efi "P.mPOWFRmmt"). The effective dare ofthi6 agreement is <br />wnNESSTx <br />WHEREAS, ore orange coann HDMe cnmewam nos eeaigvaaa s69,no m Fr zooo <br />HOIr¢ fonds for the puTose a[ providwg eecand mongaga asslsmvoe Ibr Hue (5j low :rod <br />modamte income families assisted in thou Foaling search by EmPOWHRmevf, Inc. <br />WHEREAS, the Cowy is We Iced ev4ty of the Orange Cowry HOME Consartiav; sa <br />desigoahd w m agreement dated July 1, J99] and as such is she lead entity N v represmmeve <br />capacity for all members of Ne Omvge HOMF. Consordum for We puryoses of emrywg cat the <br />HOMH Program iv accordmce wit We Tills II of the Cranston-Gomalem Nado,ml AlYOrdable <br />Hoaxing Aot (Pub. L. I0Ifi25), (a2 U.SG 3535(4) eL scgJ (hcreiveRec refereed to as the <br />"Acf'), and es fuller defined in the Federal Program Requiremmtn provided by We U.S. <br />Departmrnt of HOasing and Urbm Development; all <br />WHEREAS, EM'OWERmcnt hdends fo assist five low and moderate mcomgfirst-time <br />homebuyem earning up m AO% oL HUD roes medim income purchase ewshng bouewg x the <br />cowry sa aeaedned m weir xoMF. Program Proposal sand Pebmary zz, zoot wman is h«eby <br />mcoryamt~ into Vila Agreement, end hereafter referred b as °The Project". <br />WHEREAS, afirst-time M1amebuyer for We puryoses of tlda program is defined es my <br />household earning up tc BO% ofHI1D area medtm iuomemat has not owned a home wiNin the <br />pest three (3) years including households living in mmufaetmed houiag not permmmdy <br />axued m e fowdation, err owns-occvpwts ofhomes not feasible for rehebilitatiw. <br />NOW, THEREFORE, in onsideratiun of We mutual m rants, premises, and <br />represmhtiou wvmmcd h«cm, it is ageed between the parties hereto as follows: <br />1. Protect Activities <br />LI. HmPOW2Rmcvt assist qualified buyem whose income is up to AO% of the area <br />median household income by family aiu. as detewived by We U.S. Deparmteot <br />of Housing and Urbm Development locate firsbtime homeownership <br />oplrortwd[ies among the exirting housing stock. <br />12 The HOIVIE funding provided by the County wilt be provided as a deferred <br />second mortgage m the individaal famines at the Lime of purchase. The HOME <br />