2024-261-E-Housing Dept-Community Housing Partners-Affordable Housing CIP Funds

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4892-4116-9314, v. 6 NORTH CAROLINA CAPITAL INVESTMENT PLAN DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT (the “Agreement”) between Orange County, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the “County”) and Community Housing Partners Corporation, a North Carolina Non-Profit Corporation (hereinafter referred to as “Community Housing Partners”). The effective date of this Agreement is April 15, 2024. WITNESSETH WHEREAS, 751 Trinity Court, Chapel Hill, North Carolina is currently owned by the Town of Chapel Hill, North Carolina, which has selected the Community Housing Partners Corporation, to develop the property for affordable rental units serving households earning from below 30% of the HUD area median income to up to 80% of the HUD area median income; and WHEREAS, the County, in the implementation of the 2023-24 Capital Investment Plan solicited applications from interested eligible organizations; and WHEREAS, Community Housing Partners, as the developer of the project, submitted an application for County funding to assist with demolition, predevelopment, and infrastructure and site improvement costs, as described herein, at 751 Trinity Court, Chapel Hill, North Carolina, which will include approximately 54 affordable housing units for lease to households earning less than 30% to up to 80% of the HUD area median income, as described in its application submitted for Orange County Affordable Housing Bond Program funds, dated September 27, 2023, 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 January 16, 2024, approved the award to Community Housing Partners of Nine Hundred and Fifty Thousand ($ 950,000.00) in FY 2023-24 Capital Investment Plan funding (hereinafter, “Project funds”) to support the development of 751 Trinity Court; and WHEREAS, Community Housing Partners intends to loan the Project funds to Trinity Court Redevelopment, LLC (“Owner”) to assist with demolition, predevelopment costs, and infrastructure and site improvement costs at 751 Trinity Court (hereinafter, “the Project”), a development in Chapel Hill with a planned 54 affordable units and 20 three bedroom, 20 two- bedroom, 14 on-bedroom unit. The 54 affordable homes which will be leased to households earning between less than thirty percent (30%) and up to eighty percent (80%) of the HUD area median income. The Project is located on property more particularly described in Exhibit A (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 DocuSign Envelope ID: 6723EB43-5934-4E1A-A173-E46F70EADEBB