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24 <br />IV. Funds would be allocated to Orange Community Housing and Land Trust to <br />provide down-payment assistance for up to 10 newly constructed condominiums at the <br />planned Greenway Condominiums at Meadowmont. Eligible families would be first-time <br />homebuyers with incomes below 80% of median income. <br />Anticipated Beneficiaries: <br />Accomplishments: <br />Anticipated Completion Date: <br />Development Schedule: <br />Begin construction <br />Project completion <br />10 families earning less than 80% median income <br />10 housing units <br />September 30, 2004 <br />06/2003 <br />06/2004 <br />$100,000 <br />V. Funds would be allocated to EmPOWERment to provide up to five (5) deferred <br />second mortgages to first-time homebuyers with incomes below 80% of median income. <br />Homebuyers would purchase existing housing located in various areas of the County. <br />Anticipated Beneficiaries: 5 families earning less than 80% median income <br />Accomplishments: 5 housing units <br />Anticipated Completion Date: December 31, 2004 <br />$ 75,000 <br />VI. Funds would be used to provide deferred loan to rehabilitate owner-occupied and <br />rental housing units. Homeowners with incomes less than 80% of median income <br />would be eligible for these loans. <br />Anticipated Beneficiaries: 10 families earning less than 80% median income <br />Accomplishments: 10 standard dwelling units <br />Anticipated Completion Date: June 30, 2005 <br />$277,040 <br />Operational Support - CHDO $10,000 <br />Program Administration: $73,959 <br />Total Funds Available: $832,040 <br />(includes 25% match calculation and program income) <br />