2008-088 Housing - Community Alternatives for Supportive Abodes

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~~ Please return this co the Board s pY to ~ NORTH CAROLINA Clerk to office for PAF ORANGE COUNTY DEVELOPMENT AGREEMENT This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a political subdivision of the State of North Carolina, (hereinafter referred to as the "County") and Community Alternatives for Supportive Abodes, a North Carolina non-profit corporation (hereinafter referred to as "CASA"). The effective date of this agreement is ~ 3 I vv ~~ WITNESSTH WHEREAS, the Orange County Board of Commissioners awarded CASA $632,300 in FY 2001 Housing Bond funding to assist in the acquisition of rental property on March 18, 2008; and; WHEREAS, CASA intends to purchase five (5) duplex units. The dwelling units are located at 701 - 719 Pritchard Avenue Extension in Chapel Hill, NC (herein after referred to as "the Project dwelling units" or "the Project"). T'he 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, CASA intends to make the Project dwelling units available for lease to families earning up to 50% of HUD area median income who are formerly homeless and/or have a disability; NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: 1. a. CASA shall acquire the Property including the Project dwelling units and ensure that the units meet the Section 8 Housing Quality Standards (HQS) prior to leasing. All repair work must be completed in accordance with applicable building and zoning ordinances and N.C. Housing Finance Agency Energy Standards. CASA agrees to lease the Project dwelling units to families individuals who are homeless or who have a disability whose income does not exceed 50% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and as amended from time to time. Monthly rents must not exceed the HUD Published Fair Market Rents in effect at the time of occupancy. Residential leases will not exceed one year in term.