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Housing Bond Project Summary , <br /> Applicant: <br /> Orange Community Housing and Land Trust <br /> Project Title: <br /> Meadowmont Condominiums <br /> Request for Bond Funds: <br /> $400,000 (Actual: $350,000 from 1997 Bond funds; $50,000 Housing Trust Fund) <br /> Total Project Costs: <br /> $3,535,740 <br /> Bond Fund Leverage: <br /> 11%bond funds; 89% other funding sources <br /> Project Description: <br /> Orange Community Housing and Land Trust proposes construction of a 32 unit <br /> condominium project in the Meadowmont development in Chapel Hill. Meadowmont is a <br /> mixed-use development located off Highway 54 in Chapel Hill. In the approval process, the <br /> Town of Chapel Hill required the developer, East West Partners to provide land for 32 affordable <br /> townhouses. The developer has agreed to donated the land to develop the townhouses. OCHLT <br /> is proposing that bond funds be granted to OCHLT for construction and converted to second <br /> mortgages at a value of approximately $12,500 per unit in order to lower the cost of the first <br /> mortgage of the first time homebuyers. <br /> Target Population/Projected Outcome: <br /> 32 first time homebuyers with incomes at or below 80% of median income <br /> Project Schedule <br /> Zoning Compliance Permit - October 2001 <br /> Groundbreaking - Late Fall 2001 <br /> Begin home sales - Late Fall 2001 <br /> Project Completion - Late Summer 2002 <br /> Long Term Affordability Vehicle <br /> The Land Trust with deed restrictions will be used to insure affordability for at least 99 <br /> years with a renewal option. <br />