2021-290-Housing-Inter-church Council Housing Corporation

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NORTH CAROLINA AFFORDABLE HOUSING BOND DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between Orange County, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the “County”) and Inter-church Council Housing Corporation, a North Carolina Non-Profit Corporation (hereinafter referred to as “Owner” or “InChuCo”). The effective date of this Agreement is May 27, 2021 WITNESSETH WHEREAS, the County, in the implementation of the 2016 Orange County Affordable Housing Bond program, solicited applications for $2.5 Million of Affordable Housing Bond Funds from interested eligible organizations; and WHEREAS, InChuCo submitted an application for funding to make critical repairs to eight (8) elevated stairwell landings between the upper levels of the four (4) residential buildings at Chase Park Apartments in Chapel Hill, as described in its application submitted for Orange County Affordable Housing Bond Program funds, dated July 31, 2020, which application is incorporated by reference into this Agreement and is on file in the office of the Orange County Department of Housing and Community Development; and WHEREAS, the Orange County Board of Commissioners on November 5, 2020 approved the award to InChuCo of One Hundred Sixty-Five Thousand Eight Hundred and Forty Dollars ($165,840.00) in FY 16 Affordable Housing Bond Program funding (hereinafter, “Project funds”) to support repair of the stairwells at Chase Park Apartments; and WHEREAS, InChuCo intends to use the Project funds to assist with demolition and infrastructure and site improvement costs, specifically the removal of eight (8) existing elevated metal-and-concrete stairwell landings and the fabrication and installation of new ones, at Chase Park Apartments (hereinafter, “the Project”), InChuCo’s affordable housing development in Chapel Hill with forty (40) affordable rental units leased to households earning not more than sixty percent (60%) of the HUD area median income (hereinafter, the “Project dwelling units”). The Project is located on property more particularly described in Exhibit A, Legal Description (hereinafter, the “Property”), attached hereto and made a part of this Agreement. All Exhibits attached to this Agreement are hereby made a part of this Agreement and are incorporated into this Agreement, as it now reads or as it may be modified by the parties; and WHEREAS, notwithstanding any provision of this Agreement, the County and InChuCo hereby 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 completion of an applicable environmental review. The parties further agree that the provision of such funds to the project is conditioned on the County’s determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. DocuSign Envelope ID: D9F5DB48-6B35-4950-A760-8532DDEBD76E