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�'t r F <br /> J€ L <br /> December 18, 20121 <br /> Chair Barry Jacobs and the Board of County Commissioners <br /> Orange County <br /> Hillsborough, NC 27278 <br /> ® I <br /> Dear Chair Jacobs and Board Members: <br /> Community Home Trust was approved for$200,000 of County bond funds way back <br /> in 2005 (1 believe). We asked that those funds be available to reduce the prices of <br /> BOARD OF Home Trust homes. I have purposely not tapped into those funds because as local <br /> DIRECTORS funds, they are more flexible than federal funds. However, we expect to access <br /> $13,000 of bond funds in the next 30 days to reduce the price of an existing Home <br /> i <br /> R.Alan Lee Trust property. <br /> President <br /> Gloria Beissinger <br /> I would like to ask the Commissioners to re-purpose a portion of these bond funds <br /> Treasurer to address a situation that just became known to us. As members of the Board <br /> know, the Home Trust implements the inclusionary housing programs in Chapel Hill <br /> Bruce Runberg and Carrboro. One of our inclusionary developments is Greenbridge, where we sold <br /> Secretary fifteen condominiums to low income households. Board members may also be <br /> Donna Bell aware that Greenbridge was foreclosed upon and sold to an out of state investor <br /> earlier this year. <br /> Jess Brandes <br /> Cresha Cianciolo In recent weeks, we have learned that the HVAC systems that were installed at <br /> Greenbridge have been problematic and are not under warranty. In fact,the <br /> Jennifer Ferris system is no longer supported by the manufacturer and parts are not very available. <br /> As a result, the new owners of Greenbridge are installing new systems in some of <br /> Jacquelyn Gist <br /> the yet-to-be-sold market rate condominiums. These sytems cost about$11,000 to <br /> Eric Hallman install. This is clearly unaffordable to our homeowners. <br /> Pam Hemminger The Home Trust has assisted some owners with repairs of their existing systems. <br /> Lisa Inman We are prepared to continue to assist homeowners with relatively inexpensive <br /> repairs as necessary. We are hopeful that these inexpensive repairs, which have <br /> Jaimie Lee involved replacing system sensors, will allow these systems to reach a useful life of <br /> Jim Merritt 15 to 20 years. Of course, at that time the replacement costs will be much higher <br /> than $11,000—and will still represent a prohibitive financial burden for a low- <br /> Maryann Toone income owner. <br /> Jonathan Weiler j <br /> At my request,the Home Trust board approved a request to the County <br /> Executive Director Commissioners that$75,000 of bond funds already allocated to Community Home <br /> Robert Dowling Trust be re-purposed to address this financial challenge. These funds are <br /> insufficient to replace fifteen systems, but they will provide a necessary <br /> downpayment, when those systems need to be replaced. <br /> P.O.Box 307,Carrbo%NC 27510 1 919-967-1545 <br />