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Exhibit A <br /> Em - ment <br /> INC. <br /> Reclaiming the POWER of our Communities. <br /> BOARD OF DIRECTORS February 23,2001 <br /> Tara Fikes <br /> Vivian S.Fonshee,President Orange County Housing and <br /> Nwf&Qi a c°"""""`yAi0i6a= Community Development <br /> Stepney Edwards,Vice President Hillsborough, NC 27278 <br /> Mr'd-9 Barb-S&P <br /> Matthew Feamngton,Secretary Dear Ms. Fikes, <br /> Ilo,yd Sdret Nsi�bbai5nsd.4variaoiox . <br /> Jane Stein,Trenu= EmPOWERment, Inc. proposes that the HOME.consortium allocate$50,000 for <br /> caar Cmmm s"u`Fwxdadw EmPOWERment homebuyers to use as soft second mortgages on properties in the Chapel <br /> Barbara B=wn Hill and Carrboro areas. EmPOWERment has had great success using HOME and CDBG <br /> CmrcarrtN= aaae <br /> sdarroa money to make home ownership available to first time homebuyers. Our work in Chapel <br /> 1 Fay Fur Hill and Carrboro has been primarily focused on rehabilitation of existing homes. We would <br /> Nartbdde CowrmxxityAtradaAiar <br /> propose to continue this work(as well as our acquisition-only assistance). <br /> Susan xeaden Mcnickwe <br /> LloydsdrsRobiin R= adAuodaliox EmPOWERment would use the Consortium's funds to assist homebuyers with soft second <br /> Robin iyA mortgages. These funds would not be acquisition assistance for EmPOWERment, but <br /> Natbnde Cwernrxxuy.9tradaJioa <br /> rather they would be-a pool of money available for our homebuyers to use in purchasing <br /> STAFF either an EmPOWERment house or one that is for sale on the private market. <br /> Mark Chilton <br /> Dhvdar Our experience has been that-homebuyers in Chapel Hill and Carrboro require anywhere <br /> from$10,000 to$25,000 in assistance, therefore we believe that we can assist 2-5 families <br /> Maxeeine Mucha' (depending on their incomes and house prices). This is notably less bang-for-the-buck than <br /> T=Y cam our similar proposal relating to areas outside Chapel Hill and Carrboro, however we feel <br /> P*IYM-W that the need is great throughout the county and that the realities of the market place in <br /> Jeff caiola Southern Orange County do not allow us to be more optimistic about the impact that <br /> Brcdxsr,Maaugcr $50,000 could have. <br /> Fabian L.Farrington <br /> ,gcnrA„r to Aw Dardar Attached is a spread sheet which illustrates a typical acquisition assistance scenario. <br /> Obviously,each case will differ a bit and it is impossible to predict the exact details. <br /> We feel that this is a strong proposal which would allow EmPOWERment homebuyers a <br /> ADDIM great deal of flexibility and access to the Chapel Hill and Carrboro real estate markets. We <br /> hope that the HOME consortium will look favorably upon this proposal. <br /> 109 N.Gcaham Stmt <br /> Suite 200 Sincerely, <br /> Chapel HiIk NC 27516 <br /> Phone:(919)967-8779 <br /> F <br /> empowecme��967�dSPrin&com <br /> Mark Chilton <br />