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BRIE` PROJECT DESCRIPTION <br /> Transitional Rental Housing Profram <br /> We propose to develop a transitional rental-housing program to help public <br /> housing families make the transition from public housing to the private <br /> housing market. The proposed program would assist public housing fitmili <br /> with a rent--paying ability of at least $450 per month. The transitional <br /> housing program would be a stepping-stone between public housing and the <br /> private housing market. Participation in the program would be limited to . <br /> five years. During the Five-year period,participants would receive services <br /> such as budget counseling, homeownership counseling and debt <br /> management, to help them make a successful transition to the private <br /> housing market. At the end of the five-year period,participants would <br /> receive financial assistance to help with a down payment on a home or <br /> security deposits. <br /> The proposed program would consist of about 10 rental units. We would <br /> propose to acquire the 10 units by purchasing at least one single-family <br /> detached home or town home per year over the next several years. <br /> Estimated Project Budget <br /> Acquisition of 3 bedroom house) $ 92,000 <br /> (house located in Chapel Hill) <br /> Estimated repairs and closing costs $ 8,000 <br /> Total $ 100,000 <br /> I <br /> Funding Source <br /> Application for HOME Funds $ 100,000 <br /> February 23,2001 <br />