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0 <br />RE'C'D MAR 2 U 2005 <br />~. <br />C?RANGB <br />COMMUNITY <br />HUUStNC W <br />LAN1J TRUST <br />#3oa~d o~ Direc#a~s <br />Jirr~ ~"rtck~r <br />President <br />h~'rtr~ Bs~cttsclr <br />Vice President <br />Lrsr~ ~nrrrnM <br />Secretary <br />Mr'clrrred Hrrnsert <br />Treasure~~ <br />~ohrt Coverer <br />L~t~~'in Easy{iarrt <br />Gory Gates <br />Jcrct~~~et~r~ fist <br />I~rrr~r Hc~xntrrr~er <br />Brir~~ Lo~uert <br />Brtccc 1~rsnt~erg <br />Mrrr~ peon Se~~trr <br />jvrirr~hctrt irV'eire~~ <br />Rvtrert t]owtir~g <br />Executive Di~~ectar <br />Funding Provided by; <br />r~~~rt ~}' ~~~~~~ H~~tt <br />Qr~rrge ~'vu~r~~ <br />To~vrx a f C~rriiora <br />To~t~rr of Hittstrorougt~ <br />PQ Box 3D7 <br />~~~ ~nnes Ferry Rand <br />5u1#e ~ <br />~Ca~r~rbnz~o, N~ 2751D <br />9~9.9~7.~5~5 <br />Fax 9~9.96S.4DS0 <br />www.ocl~i~,o <br />March 8, ZOOS <br />Tara Fikes <br />pausing and Co~nmunlty Development <br />Grange County <br />FG Box Sl Sl <br />~illsba~•ough, NC 27278 <br />Re: 503 S kes Street and 329 and 33 North Graham Street <br />Dear Taxa: <br />As we have discussed, tl~e owners of SO3 Sykes Street and 229 North Graham St. have <br />informed us that they both wish to sell tl~ei~• homes, ~V'hen the develapnaent ag~•eement <br />for these pro~ettie was executed in 202 by 1-mpowerment and Grange Cam~nunity <br />Housing and Land Trust, it stipulated that the ~naxinaum income 'far buyers would be <br />~~% of median incoane ~AMI} or less. <br />we are requesting that the income limit for these han~es aid far ~~xe han~e at 23l <br />North Grah~a~n ~~, be raised to 80% of median for the following reasons <br />~ Land Trust home prices increase every year as do property taxes and <br />homeowners insurance. As a result, purchasing one of our homes requires mare <br />income every yeat•, <br />~ HUD income limits have not increased since 203, which has capped the <br />incomes of the families to whom we sell our l~o~nes. <br />To better maintain ou~• homes over time, we instituted a ~nanthly stewardship <br />fee. This foe fut~the~• xeduces tl~e affordability of our housing stack. <br />For ail these t~easons, the homes at SQ3 Sykes, 229 N Graham and 231 ~I. Graham are <br />no longer affordable to families warning less than. ~O% of ANIx. we believe each of <br />these homes should be affordable to families earning less than 8O% of n~edtan income. <br />The owners of 5~3 Sykes and 229 N. G~•ahaxn would like to sell their hanaes in May, f <br />we receive approval to increase tie ~naxinaurn income limit, it would help u to resell <br />these p~~aperties without using additional subsidy, <br />Please let me know ~if you need additional inforxnatian• Thank you for your assistance. <br />Sincerely, ,, <br />% r ~ ~~ <br />I '~ .~ <br />' f,~ ~1 r~'`~~r r~ `al <br />vVV tt,,.. <br />Robert Dowling <br />Executive Di:reCtor . <br />