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8 <br />NORTH CAROLINA ~--, ,--, ~-'-, _~ ; .~ <br />I,'~ ':~ s I~ ~~ <br />ORANGE COUNTY ~- `~ `' ~,~ <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as the "County") and HABITAT <br />FOR HUMANITY OF ORANGE COUNTY, NC, INC. , a North Cazolina non-profit housing <br />organization (hereinafter referred to as "Habitat"). The effective date of this agreement is <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated $50,000 in FY 1999 <br />HOME funds for the purpose of conveying these funds to assist with acquisition of a 2.5 acre <br />tract of land in the Chapel Hill Township in Orange County hereinafter referred to as the <br />"Project", which property is more particularly described in Exhibit A attached hereto and made a <br />part of this Agreement (hereinafter referred to as the "Property") ; <br />WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br />designated in an agreement dated July 1, 1997 and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance wit the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the <br />"Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, Habitat intends to develop five single family dwelling units on the property <br />with the necessary infrastructure with dwelling units available to first-time homebuyers earting <br />up to 50% of HUD area median income as described in their HOME Program Request dated <br />October 2, 2000 which is Exhibit B to this Agreement; and hereafter referred to as "the project". <br />WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any <br />household earning up to 50% of HUD azea median income that has not owned a home within the <br />past three (3) years including households living in manufactured housing not permanently <br />affixed to a foundation, or owner-occupants of homes not feasible for rehabilitation. <br />NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br />representations contained herein, it is agreed between the parties hereto as follows: <br />1, a. The property to be acquired must have a value that does not exceed 95°Io of the <br />azea median purchase price for that type of housing. <br />Value must be established by one of the following methods: <br />