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16 <br />2. Chapel Hill Department of Housing <br />The Chapel Hill Department of Housing requests $125,000 of HOME Program funds to <br />develop a transitional rental housing program for public housing residents. The <br />program would be a stepping-stone for families between public housing and the private <br />housing market. Funds would be used to purchase a house in Chapel Hill that would be <br />rented to a family currently residing in public housing. <br />Staff Response: The Review Committee recommends allocating $32,000 to the <br />Chapel Hill Housing Department. The Committee also discussed the possibility <br />of using HOME funds as a down payment and using private financing to secure <br />the balance of the acquisition cost thus being able to purchase more houses. <br />Chapel Hill Town staff has concerns about obtaining private financing because <br />the Town would need to guarantee payments on any such loan in the event rent <br />was not timely received from the tenant or the property was vacant. <br />3. EmPOWERment, Inc. <br />EmPOWERment requests $250,000 for second mortgage assistance activities to assist <br />their agency and other non-profit organizations with acquisition and rehabilitation of <br />existing properties in Orange County. Properties would be sold to households earning <br />less than 80% of the area median income, and the funds would be converted into <br />deferred second mortgages to the buyers. <br />Staff Response: The Committee recommends allocating $75,000 for this <br />activity. <br />4. Habitat for Humanity <br />Habitat for Humanity requests $150,000 of HOME Program funds to provide ten second <br />mortgages to buyers in the Richmond Hills Subdivision in Efland. Homes will be sold to <br />first time homebuyers earning less than 50% of the area median income. <br />Staff Response: The Committee recommends allocating $150,000 for this <br />project. <br />5. Orange Community Housing and Land Trust <br />The Land Trust requests $100,000 to provide down payment assistance for ten first- <br />time homebuyers in the Greenway Condominiums project in the Meadowmont <br />Development. The condominiums, which are being developed by the private sector, <br />would be placed in the Land Trust and sold to first time homebuyers, currently living or <br />working in Orange County who earn less than 80% of the area median income. <br />Staff Response: The Committee recommends budgeting $100,000 for this <br />project. <br />