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NORTH CAROLINA <br />ORANGE COUNTY <br />Inter-Local Agreement for the Community Home Trust <br />THIS AGREEMENT made and entered into by and among the County of Orange (hereinafter <br />County"), the Town of Carrboro, the Town of Chapel Hill, and the Town of Hillsborough <br />hereinafter "Towns"), each being a general local governmental unit of the State of North <br />Carolina, and is made pursuant to North Carolina Statutes, Article 20 of Chapter 160A. <br />WHEREAS, the County and Towns agree that it is desirable and in the interests of their citizens <br />to provide affordable housing to low and moderate income individuals and families, to ensure <br />that such housing remains affordable in perpetuity and to have much of that housing <br />administered and managed by a non-governmental entity; <br />WHEREAS, the County and Towns were responsible for the creation of the predecessor <br />organization to the Community Home Trust (CHT) in 1990; and <br />WHEREAS, CHT revised its organizational structure and model for providing affordable <br />housing in 1999 at the behest of the County and Towns; and <br />WHEREAS the County and Towns are committed to creating successful affordable housing <br />opportunities in Orange County; <br />NOW, THEREFORE, the County, the Towns agree as follows: <br />Section I. Definitions <br />A. Low Income means households that earn 80% or less of the Area Median Income (AMI) <br />in the Metropolitan Statistical Area (MSA) in which Orange County resides, as published <br />by HUD. <br />B. Moderate Income means households that earn more than 80% AMI but not more than <br />115% of the Area Median Income in the Metropolitan Statistical Area (MSA) in which <br />Orange County resides, as published by HUD. <br />C. HUD means the United States Department of Housing and Urban Development. <br />D. Inclusionary housing refers to local policies and ordinances of the Towns and County that <br />require or incentivize the inclusion of housing that is deemed affordable for purchase by <br />low and moderate income households within market-rate housing developments. <br />NOW, THEREFORE, the County and Towns agree as follows: <br />Section II. Purpose <br />The purpose of this Agreement is to confirm the County and Town's affordable housing goals <br />for homeownership throughout Orange County. Since all of CHT's homes are in Orange County, <br />and since virtually all of CHT's work is driven by inclusionary housing policies that are <br />DocuSign Envelope ID: 661EAD7F-FE47-4A45-B444-58DD5423D410