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Exhibit A <br /> Em meat <br /> INC. <br /> Reclaiming the POWER of our Communities <br /> 80AM of DRECTM February 23, 2001 <br /> Tara Fikes <br /> vwian S.Foushx,Pzesidmt Orange County Housing and <br /> Nwd i*Cm==%iy Community Development <br /> Sty Edward,Vice President Hillsborough, NC 27278 <br /> 15h* <br /> Feanivan,Secretary Dear Ms. Fikes, <br /> 11bjd S&W Ng*&vdsadAaaa&*w <br /> J_Stein,T EmPOWERment, Inc. proposes that the HOME consortium allocate$50,000 for <br /> CA,Cmwm S=wFw=damma EmPOWERment homebuyers to use as soft second mortgages on ro <br /> ye properties outside the <br /> Barbara Brown Chapel Hill Township(le in Hillsborough and rural, unincorporated Orange County). <br /> EmPOWERment has had great success assisting low-income first time homebuyers who <br /> Jane Fay are purchasing their first home on the open real estate market. By packaging small second <br /> N Aa` mortgages with USDA Rural Development(Farmer's Home) loans, we have been able to <br /> &Lmn Headen Afirtir&wc assist 10 homebuyers using just$50,000. <br /> Z AVd SA-tNesgbtrdL _4----* , Y 91 <br /> N„ With$50,000 EmPOWERment would propose to assist 8-10 more homebuyers in areas <br /> other than Chapel Hill,Carrboro and their suburbs. While we are eager to work in the <br /> STAFF Chapel Hill Carrboro area as well(and we are submitting an application for money for that <br /> Marx Calton purpose), USDA loans are not available in the more urbanized areas.of Orange County. <br /> maxecinc Mitch-4 Dindar <br /> As a part of this proposal, we would be using the HOME funds exclusively as assistance for <br /> c r first time homebuyers making less than 80%of area median income. Our experience has <br /> Terry Cave been that most of these homebuyers will make closer to 60%of AMI. In principle,a$5,000 <br /> soft second mortgage could assist a first time homebuyer making as little as 33%of AMI <br /> Jeff c2iok through this proposal. Attached you will find two spread sheets which illustrate typical deals <br /> 1 that we have done in the past using this method. <br /> Fabian L Faeactgton <br /> -xa:4aa to tD Leveraging USDA funds with HOME money gets our community a great bang for its buck <br /> and we hope that you will look upon this application favorably. <br /> Sincerely, <br /> AJ)DRESS <br /> 109 N.G=bam Street <br /> Suite 200 Mark Chilton <br /> C upel FUL NC 27516 <br /> Phone:(919)967-TM 1 <br /> F=(919)96740710 <br /> empow com <br />