2021-309-Housing-Habitat for Humanity of Orange County-Housing Bond program

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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 Habitat for Humanity of Orange County, N.C., Inc., a North Carolina Non-Profit Corporation (hereinafter referred to as “Owner” or “Habitat”). The effective date of this Agreement is May 26, 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, Habitat submitted an application for funding to assist with infrastructure and site improvement costs, as described herein, at its future “Weaver’s Grove” development off Sunrise Road Chapel Hill, which will include 100 affordable homes in order to serve first-time homebuyers earning between 30% and 80% of the HUD area median income who have lived and/or worked in Orange County for at least one year, and who live in housing that is substandard, unsafe, unaffordable, or subsidized, 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 Habitat of One Hundred Thirty-Four Thousand One Hundred and Sixty Dollars ($134,160.00) in FY 16 Affordable Housing Bond Program funding (hereinafter, “Project funds”) to support the development of Weaver’s Grove; WHEREAS, Habitat intends to use the Project funds to assist with infrastructure and site improvement costs at Weaver’s Grove (hereinafter, “the Project”), a mixed-income, mixed-use homeownership development in Chapel Hill with a planned 100 affordable units and 136 lots to be sold for market-rate development, the 100 affordable homes which will be sold to households earning between thirty percent (30%) and eighty percent (80%) 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 Habitat 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 DocuSign Envelope ID: 32CE5800-8AE6-4AEC-B93D-DCC116731946