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Prcparcd by and after rccording rcturn to: Morgan Picrcc, Orangc Counry Arromcy's Office. p,O. Box <br />8t81, Hillsborough, NC 27278 <br />DECLARATION OF RESTRICTIVE COVENANTS <br />THIS DECLARATION OF RESTRICTIVE COVENANTS ("Declaration"), dated <br />2024, by PEE WEE HOMES for itself and its successors and assigns ("Owner" or <br />"PEE WEE'), is given as a condition precedent to thc arvard of Capital Invcstmcnt Plan <br />Affordable Housing Program funds. <br />RECITALS: <br />WHEREAS, the Orange County Affordable Housing Advisory Board has designated up <br />to One Hundred Sixty-Six Thousand Five Hundred Dollars ($166,500) in FY 2023-24 <br />Capital Investment Plan Affordable Housing Program funds to assist in financing construction of <br />three (3) small rental units at 106 Hill Street in Czunboro. Units will be leased to households <br />experiencing chronic homelessness or are cunently homelessness and earning less than thirty <br />percent (30o/o) of the area median income; and <br />WHEREAS, the County is the lead entity of the Orange County Affordable Housing <br />Advisory Board, so designated in an agreement dated July l, 201I and as such is the lead entity <br />in a representative capacity for all m <br />Board for the purposes of carrying out the HOME Program in accordance with the Title II of the <br />Cranston-Gonzalez National Affordable Housing Act (Pub. L. 10l-625), (42 U.S.C. 3535(d) et. <br />seq.) (hereinafter referred to as the "Act"), and as further defined in the Federal Program <br />Requirements provided by the U.S. Department of Housing and Urban Development; and <br />WHEREAS, the Orvner acquired property, located at 106 Hill Street, Carrboro, North <br />Carolina (hereinafter referred to as "the Project" or the "Project dwelling units"), as rental <br />housing for three low-income households earning less than 30% of the Area Median lncome. The <br />Project dwelling units are located on the property more particularly described in Exhibit A <br />attached hereto and made a part of this Agreernent (hereinafter referred to as "the Property"); and <br />WHEREAS, the Owner agrees to utilize Capital Investment Plan Affordable Housing <br />Program funds provided for the purpose of constructing three (3) small rental units on the <br />Property as described in its Capital Invesfinent Plan Affordable Housing Program Funding <br />Docusign Envelope ID: A7F54EB6-02F6-4B44-B5FA-9D9112C03224