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23 <br />HOME INVESTMENT PARTNERSHIP PROGRAM <br />July 1, 2003 through June 30, 2004 <br />Priority: Facilitate the construction of new or substantially rehabilitated <br />housing units that are affordable to families below 60% of the area <br />median. <br />I. Funds would be allocated to Affordable Rentals, Inc. to assist in the purchase of <br />a duplex rental unit on Roosevelt Street in Chapel Hill for lease to low income families <br />with incomes at 50% and below of median income. <br />Anticipated Beneficiaries: Two (2) families earning less than 50% median inc. <br />Accomplishments: One (1) duplex housing unit <br />Anticipated Completion Date: December 31, 2003 <br />$188,000 <br />II. Funds would be allocated to the Town of Chapel Hill to assist in the purchase of <br />one dwelling unit to provide transitional housing for a public housing family transitioning <br />to permanent housing. <br />Anticipated Beneficiaries: One (1) family earning less than 50% median income <br />Accomplishments: One (1) housing unit <br />Anticipated Completion Date: September 30, 2004 <br />Develoument Schedule: <br />Identify other funding sources in order to purchase <br />the dwelling unit. 12/2003 <br />Rehabilitate the house if necessary. 03/2004 <br />Complete leasing. 09/2004 <br />$32,000 <br />III. Funds would be allocated to Habitat for Humanity to provide ten (10) deferred <br />second mortgages to first-time homebuyers with incomes below 80% of median income <br />in the Richmond Hills subdivision. <br />Anticipated Beneficiaries: 10 families earning less than 50% median income <br />Accomplishments: 10 housing units <br />Anticipated Completion Date: September 30, 2004 <br />Develoament Schedule: <br />Begin house construction (three homes) 04!2003 <br />Complete construction (three homes); Sale homes 08/2003 <br />Begin construction of remaining seven homes 08/2003 <br />Complete construction; sale homes 03/2004 <br />$150,000 <br />