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—� 2 <br /> 3 CEC 18 21Z <br /> Date: December 18, 2012 <br /> To: HOME Review Committee and Chapel Hill Town Council <br /> From: Robert Dowlin g, Executive Director <br /> Re: Selling homes to non-first time homebuyers <br /> The board of directors of Community Home Trust has approved this request to both <br /> the Home Review Committee and the Town Council to request relief from the first- <br /> time homebuyer requirement. Specifically,the Home Trust requests a waiver of the <br /> first time home buyer requirement after a home has been on the market for 90 <br /> days without a contract. We ask that this waiver apply to all sources of subsidy, <br /> BOARD OF including HOME funds, CDBG funds and local funds. <br /> DIRECTORS <br /> As we are all aware,the housing market has been weak for several years. The <br /> R.Alan Lee environment for Home Trust properties has worsened as lenders have tightened <br /> President borrowing requirements and prospective buyers have shown less interest in home <br /> Gloria Beissinger ownership. In addition, in the past year,we lost our go-to lender when RBC was <br /> Treasurer purchased by PNC Bank. PNC does not make loans to our buyers. <br /> Bruce Runberg As a result of all these factors,selling Home Trust homes has become much more <br /> Secretary difficult. As I write this memo,we have sixteen properties for sale, only five of <br /> Donna Bell which are under contract. The sellers of these properties, whether developers of <br /> new properties or homeowners of existing Home Trust homes,frequently become <br /> Jess Brandes impatient and unhappy with Home Trust staff. This situation places our staff under <br /> Cresha Cianciolo great pressure from unhappy sellers—which has been ongoing for many months. <br /> Jennifer Ferris Allowing us to sell homes to non-first time buyers will broaden our market of buyers <br /> Jacquelyn Gist only slightly. However, in this difficult environment, any broadening of the market <br /> of buyers is welcome. <br /> Eric Hallman <br /> Earlier this year the Town Council approved a revision to the requirement that <br /> Pam Hemminger buyers must live or work in Orange County for one year prior to purchasing a home. <br /> Lisa Inman The Council allowed us to waive that requirement for a home that had been on the <br /> market for 120 days. I would like to ask that the live/work requirement be waived <br /> Jaimie Lee after just 90 days of marketing a home. That allows consistency for our staff for <br /> Jim Merritt both the live/work requirement and the first time homebuyer requirement. <br /> Maryann Toone Lastly, I would like to ask the HOME Review committee to approve this same waiver <br /> Jonathan Weiler —that after 90 days without a contract,the live/work requirement is waived. Again, <br /> this change will not make a big difference to our sales efforts, but it will be helpful <br /> Executive Director in some instances. <br /> Robert Dowling <br /> Thank you all for your consideration of these requests. I am happy to answer <br /> questions and address your concerns <br /> P.O.Box 307,Carrbo%NC 27510 1 919.967.1645 <br /> I <br /> i <br />