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Erg ~ • ~ r~er~# <br />• INC. <br />Reclaiming the POWER of our Communities <br /> FebruAry 7, 2000 <br />w,uec o~ oiRCCroRS <br />Pnrua S Foushee, President + <br />~ Zppp <br />~~ ~ <br />~B 1 <br />Ms. Tara Fdces ~ F <br />Stepney Edwa~da, v><e Pasidmt Director of Housing and Community Development <br />~,•sbp Orange County <br />lwahca Feasxington, seecetacy PO 8181 <br />U~dsrraeN~6beb..d.4.t,adadr'ar borough, NC 27278 <br />Jane Stem, Tsessum <br />Cbmir, Caanavx Smar Foamdatro~t <br />snM smoke Dear 1VIS. 1' ki es: <br />R RA) "mg <br />Barbara Bmsvn <br />CarrCrrn Neigbbwoboaid.4.xwadatr'nor <br />We appreciate your coxtittued support of our efforts to preserve local <br />"~°'°" B"m`tte <br />rrndsb..t neighborhoods and expand affordable housing for working families. In just two <br /> years we have helped 22 families to purchase their first homes, and we currently <br />x~ x°bert ~b~ <br />x,8.,,x~ax.~be.~,«. have nine properties under development. We have built a strong track record of <br />~~ ~.~ accountability, production and community control <br />Sbsrt Ndgbbadaad Aisodatiae <br />Rob;o ~„ I am writing on behalf of the. Board to express our complete dismay at the County's <br />Na, ~~ unfair and disproportionate equity sharing proposals. As members of the Board and <br />~~ staff explained, EmPOWERment, Inc. works with low income, first-time buyers <br /> with incomes averaging about 50% of area median. For these Families <br />My~, pn,~ homeownership is not just a safe place to live, but also a chance to begin bu>7ding <br />~*~' wealth through the equity in their homes. I.~e the rest of us, this equity is available <br />M~:cine Mitchell for home repairs, college education or financial crises. III fact, studies have shown <br />~D""`~"'`s that over 70% of the assets held by people of color is in their homes. Severely <br />Tea9 caper Curtail]ng the abut' y to bufid wealth on the single largest investment in a famaly's life <br />P'°''d`'r is both unfair and counter-productive. If these requireme~s extend to the FIOME <br />~~~ Y• F program, the Commissioners w~l be moving toward the unfortunate goal of creating <br />~"'~ °~`~ two classes of homeowners in Orange County: those rich enough to buy in an <br />J ~ °'' inflated market, and the rest of us who would have to sacrifice our fam~7ies' <br /> economic security for the right to live in the community we work in. , I trust this is <br />~~~ not the County's intention. <br />•ros-A west Rosensay stet EmPOWERment, Inc. respects the County's commitment to protecting public <br />casrbom, rrc rnio investment and maintaining long-term affordab~7ity, and we have already designed <br />Ph~~ ~1~ ~~-srn~ <br />Faz ~9im ~~-o~io <br />our program to promote these goals. We require that fam~7ies grant us a right of <br />°~°'°"~`°°°`~"'~"°s•`°m first refusal, and we secure any subsidy with a deed oftrust to ensure that these <br /> fiords ate returned if the family sells their home. AdditionaIly, we require that they <br />• repay a percentage of the appreciation on their home based upon the amount of <br /> subsidy received to the total appraised value of the home. We believe that this <br />