2023-026-E-Housing-The Community Empowerment fund-Use of home funds-subsidy type

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NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a local governmental political subdivision of the State of North Carolina, (hereinafter referred to as the “County”) and The Community Empowerment Fund, a North Carolina non-profit corporation (hereinafter referred to as the “CEF”). The effective date of this Agreement is _______________. WITNESSTH WHEREAS, the Orange County HOME Consortium has designated $90,000 in FY 2022-23 HOME funds to provide down payment assistance for first-time homebuyers home ownership for an estimated (26) twenty-six households earning between thirty percent (30%) and eighty percent (80%) of the area median income located in Orange County in which are hereinafter designated collectively as “the Property” or “the Properties”; and WHEREAS, Orange County is the lead entity of the Orange 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, the Community Empowerment Fund (CEF) intends to provide down payment assistance for home ownership for first-time homebuyers earning between 30% and 80% of HUD area median income described in CEF’s FY 2022-23 Application for Funding, Orange County HOME Program dated, February 16, 2022 which is hereby incorporated into this Agreement as if written herein, and hereafter referred to as “The Project.” A copy of the HOME Program Applications are on file in the office of the Orange County Housing and Community Development Department; and WHEREAS, CEF intends to assist approximately 26 first-time homebuyers, who earn between 30% and 80% of HUD area median income, to purchase the housing units at the Properties; and WHEREAS, a first-time homebuyer for the purposes of this program is defined as any low-income household that has not owned a home within the past three (3) years including households living in manufactured housing not permanently affixed to a foundation, or owner- occupants of homes not feasible for rehabilitation and has lived or worked in Orange County for at least one year prior to the home purchase; WHEREAS, notwithstanding any provision of this Agreement, the County and the CEF hereto agree and acknowledge that this Agreement does not constitute a commitment of funds or DocuSign Envelope ID: 5B8E357F-436A-4B92-B6EA-A3046F40AC7EDocuSign Envelope ID: 66442AA5-FA51-4D49-BD8A-B8CAFCBD6F8B