S Housing - Development Agreement Orange Co and Affordable Rentals Ins $140,000

Browse Search

~`e NORTH CAROLINA ORANGE COUNTY GRANT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, NORTH CAROLINA, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and Orange Community Housing and Land Trust, Inc., a North Carolina non- profit co po •ation (hereinafter referred to as "OCHLT"). The effective date of this agreement is S ~ 2cK~g . WITNESSETH WHEREAS, the Orange County HOME Consortium has designated $140,000 in FY 2007 HOME funds for the purpose of homeownership assistance for first-time homebuyers to purchase dwelling units in the Town of Carrboro hereafter referred to as the "Project" or the "project dwelling unit(s)"; and the Project dwelling units are located on properties more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and WHEREAS, the County is the lead entity of the Orange HOME Consortium, so designated in an agreement dated July 1, 2008 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. seg.) (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, Orange Community Housing and Land Trust (OCHLT) is a designated Community Housing Development Corporation (CHDO) as defined in 24 CCR Part 92, Subpart A, Section 92.2 interested in serving as sponsor, developer, and/or advocate for potential first- time homebuyers; and WHEREAS, afirst-time homebuyer for the purposes of this program is defined as any household earning up to 80% of HUD area median income 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 WHEREAS, OCHLT intends to make them available for lease, as described herein, to families earning up to 80% of HUD area median income as described in the OCHLT HOME Program Application dated February 27, 2007, which Application is incorporated by reference into this Agreement. The February 27, 2007 HOME Program Application is on file in the office of the Orange County Department of Housing and Community Development. 1