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Orange Community Housing Corporation <br />P. O. Boa 307 • 104-C Jones Ferry Aoad • Carrboro, NC 27510 • 919-967-1546 • Faa: 919/968-4030 <br />Board of <br />Directors Date: March 3,1999 <br />Keith D. Cook <br />Chairman To: Orange County Commissioners <br />Wayne T. Kuncl From: Robert Dowling, Orange Community Housing Corporation <br />vice-Chairman Re: Request for HOME funds <br />Joah Gurlitz <br />Secretary Orange Community Housing Corporation is embarking on two <br />Robin Lackey <br />' development projects this year: the Scarlett Drive Townhomes and the <br />1~easurer <br />Meadowmont Townhomes. Scarlett Drive will consist of 14 homes and <br />Jim Earnhardt will be the first landtrust development in Orange County. Meadowmont <br /> will consist of 32 homes. We anticipate breaking ground on both <br />Joe Herxenberg developments later this year, though Scarlett Drive will most likely <br />Garry Sronce proceed before Meadowmont. <br />Keenya Toney <br />John Tyrrell As you can see from the attached budgets and cash flow projections there <br />Bob Ward is a need for subsidy in both projects. To summarize: <br />Alison Weiner . <br />Scarlett Drive: . <br /> Total development budget $1,679,380 <br />Eaeoutive Subsidy Required $457,770 <br />Director HOME funds requested $70,000 <br />Robert Dowling Other sources of subsidy will be sought from County bond funds, Federal <br /> Home Loan Bank funds, and CDBG funds. <br />Past Chairman <br />Keith E. Aldridge .Meadowmont: <br /> Total development budget $3,597,531 <br /> Subsidy required $784,000 <br /> HOME funds requested $160,000 -.~ <br /> Other sources of subsidy will be sought from County bond funds, CDBG <br /> funds and funds from the NC Housing Finance Agency. <br />In sum, OCHC is requesting $230,000 of HOME funds for fiscal year 1999- <br />2000. Though this represents a large percentage of the available funds, it is <br />only a small part of the funding needed to make these homes affordable. <br />We appreciate the support of the Commissioners and welcome your <br />questions. <br />Gr~~' / <br />