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North Carolina, <br /> <br />Cabarrus County. <br /> <br /> HOME Investment Partnershi~ Program <br />Interlocal Agreement Creatina The Cabarrus Consortium <br /> <br />This agreement, entered into this __ day of August, 1992, by and <br />between municipalities of Concord, Harrisburg, Mount Pleasant and <br />the County of Cabarrus having signed below, being political sub- <br />divisions of the State of North Carolina, for the execution of a <br />cooperative effort by all the parties as authorized by North <br />Carolina General Statutes and United States of America laws and <br />applicable federal and state administrative regulations. <br /> <br />WHEREAS: <br /> <br />the State of North Carolina permits units of general <br />local government to form a Consortium for the purposes <br />of obtaining and administering HOME Investment <br />Partnerships Program funds; and <br /> <br />WHEREAS: <br /> <br />the signatory units of general local government of the <br />Consortium agree that they may better accomplish the <br />affordable housing needs of their jurisdictions <br />through combined participation in the HOME Investment <br />Partnerships Program; and <br /> <br />WHEREAS: <br /> <br />the Consortium members agree to provide the State <br />evidence that all parties have entered into legally and <br />mutually binding cooperative agreement supported by <br />resolutions of each member's local governing body and <br />signatures of the chief elected officials; and <br /> <br />NOW, <br /> <br />THEREFORE,the parties heresigned mutually and cooperatively <br /> adopt and agree that: <br /> <br />SECTION <br /> <br />i The Consortium, hereby known as the Cabarrus HOME <br /> Consortium is authorized to be established for the <br /> purpose of addressing the affordable housing needs of <br /> the Cities of Concord, Harrisburg, Mount Pleasant, and <br /> the County of Cabarrus. , <br /> <br />SECTION <br /> <br />2.1 <br /> <br />2 The City of Concord is designated to act in a <br /> representative capacity for all Cabarrus Consortium <br /> members participating in the State of North Carolina's HOME <br /> Program, hereinafter known as the Lead Entity, and <br /> agrees to enter into a legally binding agreement with <br /> the State of North Carolina for a period of five (5) to <br /> twenty (20) years as determined by the appropriate <br /> project term of affordability. The period of <br /> affordability may extend to fifty (50) years if the <br /> consortium elects to participate in an FHA mortgage <br /> program. <br /> The Lead Entity is assigned overall responsibility for <br /> ensuring that consortium activities comply with the <br /> <br /> <br />