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Rem <br />AFFORDABLE RENTALS, INC <br />Serving Orange County, Chapel Hill and Carrboro, NC <br />391 Lystra Estates Drive <br />Chapel Hill, NC 27517 <br />September 25, 2009 <br />Ms. Tara Fikes <br />Director, Orange County Department of Housing and Community Development <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />Dear Ms. Fikes, <br />The Board of Directors of Affordable Rentals, Inc is grateful to the Orange County <br />Commissioners for entrusting public funds to us, for the acquisition of rental properties to <br />make housing available to residents earning less than 50% of the median family income. <br />We have acquired 13 properties, in full or in part, with funds from the County's Fiscal <br />Year 2001 Housing Bonds. <br />We are proud to be a self - sustaining organization at this time, with a strong balance sheet. <br />We submitted our 2008 audit to Orange County and it was accepted without questions or <br />issues being raised. <br />At this time, our strategic planning brings us to the decision to dissolve Affordable <br />Rentals, Inc, and to transfer our properties to EmPOWERment, Inc. The <br />EmPOWERment Board agrees to accept the properties. Our rationale is explained in the <br />attached Proposal for Dissolution and Transfer. <br />We request that the County Commissioners consider this request at the earliest possible <br />date, as we would hope to complete the transfer and dissolution by December 31, 2009. <br />I am attaching the Proposal for Dissolution and Transfer, a list of properties now owned <br />by ARI and our 2009 budget. As soon as our year -to -date through September financial <br />report is available, I will forward it. <br />Thank you for your assistance and consideration. <br />Regards, <br />Nora G. Esthimer, President of the Board (MM[Ply <br />Affordable Rentals, Inc <br />