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3 <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 />Tara L. Fikes, Director <br />Orange County Department of Housing <br />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 Board <br />of County Commissioners for entrusting public funds to us for the acquisition of rental <br />properties to make housing available to residents earning less than 50% of the median <br />family income. We have acquired 13 properties, in full or in part, with funds from the <br />County's Affordable Housing Bond Program as well as the HOME Investment <br />Partnership Program. <br />We are proud to be aself-sustaining organization at this time, with a strong balance sheet <br />as evidenced by our 2008 audit submitted to the County this year. <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 has agreed to accept the properties. Our detailed rationale for this <br />decision is explained in the attached Proposal for Dissolution and Transfer. We request <br />that the County Commissioners consider this request at the earliest passible date, as we <br />would hope to complete the transfer and dissolution by December 31, 2009. <br />In addition to the aforementioned Proposal, I am enclosing 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 that as well. <br />Thank you for your assistance and consideration. <br />Regards, <br />Nora G. Esthimer, Board President <br />Affordable Rentals, Inc <br />